India's mobile exports on track to quadruple: DPIIT Secretary

Business Thursday 22/December/2022 08:10 AM
India's mobile exports on track to quadruple: DPIIT Secretary

New Delhi: India's mobile exports so far during the current financial year are worth around Rs 50,000 crore and are expected to quadruple in comparison to that in 2020-21, DPIIT Secretary Anurag Jain told ANI.

In pre-Pandemic 2020-21 and in 2021-22, the overall mobile exports, according to him, were worth Rs 22,500 and Rs 45,000 respectively. "If you have seen, in the financial year 2020-21, mobile exports from our country were Rs 22500, and it has increased to Rs 45,000 crore in 2021-22, which means it has directly doubled. So far this year the mobile exports have gone above Rs 50,000 crore," he added.

On Tuesday, the government approved the incentives for two companies -- Foxconn India and Padget Electronics -- for mobile manufacturing under the production-linked incentive (PLI) scheme. The incentives for the two companies were worth Rs 357.17 crore and Rs 58.29 crore, respectively.

As part of its AtmaNirbhar plan, the Government had launched Production Linked Incentive (PLI) schemes in 14 sectors to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports.

"Foxconn India and Padget Electronics are success stories of India's PLI scheme for the mobile manufacturing sector," the DPIIT Secretary said.

Foxconn manufactures Apple's iPhone and Padget manufactures Motorola mobile handsets.

Talking about the PLI, the senior official said, 7,717 companies across 14 varied sectors have so far benefitted from such flagship incentives.

He said the companies are investing on their own terms and according to the information. The proposed investment of these companies is about Rs 2.74 lakh crore.