American smartphone company Apple assembled 14 percent of global iPhones in India in the financial year 2023-24 and the country’s ranking in global electronics exports improved by four places. This information has been given in the Economic Survey 2023-24. The Economic Survey presented in Parliament on Monday by Finance Minister Nirmala Sitharaman said that the mobile phone segment has shown maximum growth in the electronics sector. Exports to the US increased from US $ 2.2 billion in FY 2022-23 to $ 5.7 billion in 2023-24. iPhones worth $14 billion assembled
The Economic Survey, citing third-party data, said, “During FY 2023-24, Apple assembled iPhones worth $14 billion in India, accounting for 14 per cent of its global iPhone production.” It said Foxconn started producing Apple mobile phones in Karnataka and Tamil Nadu. The Survey says, “India’s share in world electronics exports has increased from 0.63 per cent in 2018 to 0.88 per cent in 2022. Thus, India’s export (ranking) in global electronics exports has moved up from 28th position in 2018 to 24th position in 2022. The share of electronics products in India’s merchandise exports increased from 2.7 per cent in FY 2018-19 to 6.7 per cent in 2023-24.”
Sharp jump in electronics manufacturing since 2014
It said India’s electronics manufacturing sector grew significantly since 2014, accounting for an estimated 3.7 per cent of the global market share in FY 2021-22. The industry contributed four per cent to India’s total GDP in the same fiscal year. The review said, “Domestic production of electronics goods increased significantly to Rs 8.22 lakh crore. While exports increased to Rs 1.9 lakh crore in FY 2022-23.
India becomes attractive destination
India has become an attractive destination for investment in this sector. Adequate manufacturing capacities have been established in the country in the last five years. The review cited a study by the Centre for Development Studies, which showed that domestic value addition (DVA), employment, wages and salaries in the mobile manufacturing sector have increased significantly since FY 2016-17. The Economic Survey said, “The share of DVA in mobile phone production increased from an average of 8.7 per cent from FY 2016-17 to FY 2018-19 (Phase 1) to 22 per cent from FY 2019-20 to FY 2021-22 (Phase 2), indicating a significant increase in local participation.”
