India’s smartphone exports have reached a historic milestone, crossing Rs 2 lakh crore in the previous fiscal year 2024-25, announced Ashwini Vaishnaw, Minister of Electronics and Information Technology, during a press conference 

“Smartphone exports have achieved a new record of Rs 2 lakh crore, making mobile phones among the top exported goods from India,” said Vaishnaw. “This represents a 54% growth over the fiscal year 2023-24, with iPhone exports alone accounting for approximately Rs 1.5 lakh crore.”

The minister highlighted the remarkable growth trajectory of India’s electronics sector over the past decade. “Electronics manufacturing has increased more than fivefold, while electronics exports have grown more than sixfold in the last 10 years,” he stated. “Production is growing at a compound annual growth rate (CAGR) of over 17%, while exports are expanding at over 20% CAGR.”

Vaishnaw emphasized the rapid development of India’s electronics manufacturing ecosystem, with over 400 production units of various sizes now manufacturing a diverse range of components. “Like many other countries that went through this cycle, India started with finished goods, then moved to assemblies, and is now progressing to components,” he explained.

The minister also announced that the notification for the Electronics Component Manufacturing Scheme would be issued on Tuesday. Recently, the Union Cabinet approved Production linked Incentive scheme with a funding of Rs 22,919 crore to make India Atmanirbhar in the electronics supply chain. Vaishnaw said that after the issuance of the notification, the process of holding consultations with the industries will begin for framing the guidelines for the implementation of the scheme.

“The electronics components supported under this scheme will be used in consumer electronics, medical electronics, power electronics, automobiles, electrical grids, and practically every sector. This will have a multiplier impact across many industries,” Vaishnaw said.

He further clarified that the scheme would cover both active and passive components, two major categories in electronics manufacturing.

In related developments, Merck and Linde are setting up manufacturing facilities in India, and the government will support the manufacturing of capital equipment domestically.