India’s smartphone exports have surpassed expectations, more than doubling to reach over $11 billion in the fiscal year that ended in March, according to industry data analyzed by the India Cellular and Electronics Association and government officials. The surge in exports underscores the country’s ambition to become a global hardware manufacturing hub.
Despite Chinese smartphone makers dominating over two-thirds of all local shipments in India just two years ago, they contributed little to the surge in exports. Apple accounted for nearly half of the total exports with an estimated $5 billion to $5.5 billion, while Samsung Electronics ranked second with around $4 billion.
The increase in exports can be attributed to the Indian government’s efforts and substantial financial incentives to encourage smartphone manufacturers to expand their operations in India. The government’s push to bolster local infrastructure has also contributed to the growth in exports.
New Delhi had set a target of $9-10 billion in smartphone exports, but the actual figure exceeded expectations. The boost in exports is significant for India’s economy, as it represents an increase in revenue and job creation in the country’s growing tech industry.
The success of India’s smartphone exports is also a testament to the country’s ability to compete in the global market. With a young, tech-savvy population and a rapidly expanding digital economy, India is well-positioned to become a major player in the global tech industry.
However, challenges remain, such as the need for further investment in infrastructure, technology, and research and development. But with the government’s continued support and the industry’s growing ambition, India’s smartphone exports are poised for further growth and success.