# India’s Mobile Manufacturing Projected to Soar to $50 Billion in FY24

URL: https://technosports.co.in/india-mobile-manufacturing-projected-to-50b/  
Published: 2023-12-19  
Updated: 2023-12-19  
Author: Hardik Dhamija

On December 7th, Union Electronics and IT Minister Ashwini Vaishnaw revealed that mobile phone production in the country is expected to reach $50 billion in the current fiscal year. Additionally, he projected that exports from this sector would amount to $15 billion. The minister highlighted that the nation’s overall exports are on the brink of reaching $1 trillion in the near future.

![India](https://images.technosports.co.in/2023/12/image-454.jpg)

## **All About the Indian Mobile Manufacturing**

In a press conference, Minister Vaishnaw emphasized that mobile phones have now become the fourth-largest export category from the country. He anticipates that within the next year or two, mobile phone and electronics exports will secure a position in the top 2 or top 3 categories on the export list. Presently, the top five export categories include processed petroleum, diamonds, iron, steel, and pharmaceuticals.

Since October 2022, India has consistently recorded smartphone exports exceeding $1 billion. According to Commerce Department data, smartphone exports reached $6.53 billion in the first half of the 2023-24 fiscal year, compared to $10.95 billion for the entire 2022-23 fiscal year. It’s important to note that there is a two-month lag in the data.

![](https://images.technosports.co.in/2023/12/image-455.jpg)

A significant portion of smartphone exports is attributed to [Apple](https://www.apple.com/)India, accounting for 62% of all smartphone exports. During the April-October period of FY24, Apple exported iPhones valued at $5 billion through its three Indian vendors.

Overall, electronic exports from the country amounted to $15.77 billion in FY24, a notable decrease from the previous year’s $28 billion. Minister Vaishnaw pointed out that the rapid increase in smartphone exports reflects the swift diversification of India’s export basket, attributing this success to the government’s ‘[Make in India](https://technosports.co.in/?s=Make+in+India)‘ initiative.

![](https://images.technosports.co.in/2023/12/image-456.jpg)

He stated, “The country’s economy is at a major inflection point. India has reached a point where we are getting ready to achieve $1 trillion worth of exports very soon.” In the fiscal year 2023, India reported total exports of $775.7 billion, comprising merchandise exports valued at $450.4 billion and services accounting for $325.4 billion, as reported by Business Standard.