Cumulative mobile phone production in India in last 10 year nears Rs 20 lakh crore
Mobile phone production also surged by about 2,000% from Rs 18,900 crore in 2014-15 to an estimated Rs 4,10,000 crore in the financial year 2024. The industry had set itself a target of Rs 20,00,000 crores over this ten-year period. It finished the decade at Rs 19,45,100 crore cumulative production
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New Delhi: Indian mobile industry is expected to cross the cumulative production milestone of Rs 19.45 lakh crore this fiscal year, industry body ICEA said on Thursday. The mobile industry had set a target of hitting a cumulative production target of Rs 20 lakh crore in ten years. ICEA said. "The industry had set itself a target of Rs 20,00,000 crores over this ten-year period. It finished the decade at Rs 19,45,100 crore cumulative production. In terms of volume, India produced 245 crore units of mobile phones during this ten-year period, against a goal of 250 crore units,” ICEA said.
Mobile phone production also surged by about 2,000 per cent from Rs 18,900 crore in 2014-15 to an estimated Rs 4,10,000 crore in the financial year 2024. ICEA Chairman Pankaj Mohindroo said that it is believed that the doubling of India's GDP from the current $3.7 trillion to $7 trillion by 2030 will be led by growth in the digital sector and trade where electronics manufacturing led by mobile production will play a critical role. "As a next step, we have to ensure that we can shift electronics GVCs (global value chains) to India to create large-scale manufacturing jobs and increase domestic value addition. This, in turn, requires unprecedented competitiveness and factories that can operate at scale of the kind that has never been witnessed in India,” he said.
In 2014-15, mobile phone exports from India were a mere Rs 1,556 crores. "The industry expects to end FY'24 with an estimated export of Rs 1.2 lakh crore. This would mean a 7500 per cent increase in exports over a decade,' ICEA said. The industry body said 97 per cent of all mobile phones sold in India are made in India and 30 per cent of production in FY'24 will now be meant for exports.
According to ICEA, cumulative exports of mobile phones during the period 2014-24 reached a total estimate of Rs 3.22 lakh crores which made mobile phones India's fifth largest export commodity. "In the absence of such self-sufficiency, and if India had remained import dependent to the levels it was in 2014, the import bill on account of mobile phone imports alone during the ten-year period would have been Rs 14.34 lakh crore," ICEA said.
