14% global iPhones made in India in FY24: Eco Survey
Electronics sector has experienced maximum growth with exports to the US rising from $2.2 bn in FY23 to $5.7 bn in FY24
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Ranking in Electronics Exports Improved
- Electronic industry contributed 4% to India's GDP in FY22
- India's share in exports improved from 0.63% to 0.88% in 2022
- Share of electronics goods in merchandise exports rose to 6.7% in FY24
New Delhi: US smartphone major Apple assembled 14 per cent of global iPhones in India in FY24 and the country's ranking in global electronics export improved by four positions, Economic Survey 2023-24 said on Monday.
The Survey, tabled in Parliament by Finance Minister Nirmala Sitharamn, said that the mobile phone segment within the electronics sector has experienced the maximum growth with exports to the US rising from $2.2 billion in the financial year 2022-23 to $5.7 billion in FY24. "Apple assembled $14 billion worth of iPhones in India during FY'24, constituting 14 per cent of its global iPhone production," the Economic Survey said citing third-party data. Foxconn has started production of Apple mobile phones in Karnataka and Tamil Nadu, it added. "India's share in world electronics exports has improved from 0.63 per cent in 2018 to 0.88 per cent in 2022. As such, India's exports (ranking) rose from 28th in 2018 to 24th in 2022 in global electronics exports. The share of electronics goods in merchandise exports of India rose from 2.7 per cent in FY'19 to 6.7 per cent in FY'24," the survey said.
The survey recorded that India's electronics manufacturing sector has experienced significant growth since 2014, accounting for an estimated 3.7 per cent of the global market share in FY22. At the same time, the industry contributed 4 per cent to India's total GDP in FY22. "Domestic production of electronic items increased significantly to Rs 8.22 lakh crore, while exports rose to Rs 1.9 lakh crore in FY'23. India has become an attractive destination for investments in this sector, and substantial manufacturing capacities have been established in the country over the past five years," the survey said. The economic survey sees smartphone manufacturing as one of the key sector when it comes to riding on geopolitical sentiments among global companies around "China plus one" strategy. "In the electronics sector, there is a focus on smartphone manufacturing and assembly. The government's PLI scheme, including tax breaks and subsidies, plays a significant role in attracting companies. The rise in India's domestic smartphone demand is also a key factor in companies' decisions to invest there," the report said.
