India's mobile phone manufacturing in value has risen to Rs 4.1 lakh crore in India in the last 10 years due to strategic government policy measures like product-linked initiative (PLI) and phased-manufacturing programme (PMP) schemes, a report showed on Wednesday.
The electronics sector experienced rapid growth and local production nearly doubled from $48 billion in FY17 to $101 billion in FY23 and is around $115 billion in the current fiscal to date -- driven primarily by mobile phones which now constitute more than 43 per cent of total electronics production.
As the country becomes the second largest mobile manufacturer in the world, global manufacturing companies like Samsung, Apple and Google are making their latest generation smartphones in India.
The report by Broadband India Forum (BIF), prepared by BIF's Koan Advisory, analysed the journey through an empirical study that investigates issues such as the impact of tariff and customs rates, India's global value chains (GVC) insertion, challenges related to the ease of doing business (EoDB), women workforce participation opportunities and ways of reducing the gender gap and increasing the gender diversity.
TV Ramachandran, President, BIF said that the ‘Make in India' initiative has been instrumental in transforming the country into a global hub for mobile device manufacturing.
“Through strategic policies and production linked incentives, the government has attracted major global players and encouraged domestic manufacturers to set up and enhance production facilities within India,” he added.
As a result, the country has witnessed a significant surge in mobile phone production, reducing gradual dependence on imports and creating thousands of jobs in the manufacturing sector.
According to S Krishnan, Secretary, MeitY, the country has emerged as the world's second-largest manufacturer of mobile phones.
“The government's priority has always been to enable PLI beneficiaries to maximise their benefits, meet targets, and ultimately enhance India's business environment,” Krishnan noted.
Finance Minister Nirmala Sitharaman said recently that with a three-fold increase in domestic production and an almost 100-fold jump in exports of mobile phones over the last six years, the mobile phone industry has matured in the country.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Featured Video Of The Day
Mahabharat: 288 Mini Battles
Apple to Develop iPhone 17 in India by 2024, Up Proportion of Locally Made Phones to 25 Percent: Ming-Chi Kuo Exports Of Electronic Goods Growing At 55%, Incentives Helping Local Firms : Economic Survey Ola To Deploy ABB Robotics And Automated Solutions At Its Scooter Factory On Camera, Murder Attempt Goes Wrong, Trinamool Leader Chases Shooter India's Most Advanced Satellite Launch From US Is Elon Musk's 'Trump' Card Scammer Pretending To Be Police Officer Calls Real Cop, This Happens Next Woman Abuses Bengaluru Auto Driver Over Ride Cancellation, Cops Reacts Watch: Nimrat Kaur Celebrated Gurupurab By Preparing Her Family's Classic Halwa Recipe Iran's Message To US: No Intent To Assassinate Donald Trump Track Latest News Live on NDTV.com and get news updates from India and around the world.