Technology has became an integral part of everyone’s life and everyone reaches to store to get the best technology-based product. One such basic need in everyone’s life is the smartphone. people rushes to the store to get the latest smartphone. During the April to January time frame the smartphone export have reached Rs 1.55 lakh crore.
During the FY24 the Government’s production linked incentive has reached Rs 1.31 lakh crore. In January highest export was seen of Rs 25,000 crore. It was with a rise of 140% over January, 2024.
The smartphone exports for the time frame of 10 months leading up to January was increased by 56% compared to Rs 99,120 crore during FY24.
Among this the 70% got contributed from some iPhone Vendors with Foxconn. They are operating out of Tamil Nadu. The exports from Foxconn witnessed a 43% rise compared to the same time during last fiscal year.
Around 22% of this came from Apple’s iPhone vendor Tata Electronics. This has been seeing its rise from the Karnataka base after taking over from Wistron. Around 12% are from Tamil Nadu’s Pegatron.
Ten years back smartphones occupied the 67th spot on the export list of the country and currently hold the second position. The PLI scheme launched in April 2020 with complete implementation from April 2021 resulted in continuous export growth every year. During the fiscal year from FY21 to FY22 the exports expanded by nearly 100 percent from Rs 23,390 crore to Rs 47,340 crore. Exports of FY23 reached Rs 91,652 crore after showing another double in value from the previous year. A rapid growth pattern is demonstrated by the further expansion of these exports to reach Rs 1.31 lakh crore in FY24.
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What Ashwini Vaishnaw Said?
As reported by Financial Express, Union Minister for Electronics and Information Technology Ashwini Vaishnaw mentioned that he mentioned that the smartphone exports are projected to reach 20 billion dollar in Fiscal year 25.
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