Doubling of India’s GDP from the current $3.7 tn to $7 tn by 2030 will be led by growth in the digital sector and trade, says ICEA
India is close to achieving the target of Rs.20 lakh crore worth of mobile phone production in the last 10 years while crossing Rs.1.20 lakh crore worth of phone exports in the current fiscal year (FY24) — a whopping 7,500 percent increase in exports over a decade — top electronics industry body India Cellular and Electronics Association (ICEA) said on Thursday.
The industry had set itself a target of Rs.20 lakh crore worth of mobile phone production over the last 10 years (2014-2024).
“It finished the decade at Rs.19,45,100 crore cumulative production. In terms of volume, India produced 2.45 billion units of mobile phones during the last decade, against a goal of 2.5 billion units,” according to the ICEA.
At the end of the decade (2014-2024), India now stands as the world’s second-largest producer of mobile phones, and 30 percent of production in FY24 will now be meant for exports.
The mobile phone sector has transitioned from being 78 percent import-dependent in 2014 to 97 percent self-sufficient and just 3 percent of the total mobile phones sold in India are now imported. In 2014-15, mobile phone exports from India were a mere Rs.1,556 crore.
“It is believed that the doubling of India’s GDP from the current $3.7 trillion to $7 trillion by 2030 will be led by growth in the digital sector and trade. Electronics manufacturing led by mobile production will play a critical role in both these areas,” said Pankaj Mohindroo, Chairman, ICEA.
Mobile phone production also surged from Rs.18,900 crore in 2014-15 to an estimated Rs.4,10,000 crore in FY24, registering an increase of 2,000 percent, said the ICEA.
Cumulative exports of mobile phones during 2014-24 reached a total estimate of Rs.3,22,048 crore – a new era in India’s exports.
Driven by this export growth, mobile phones have become India’s fifth largest export as an individual commodity.
This exponential growth in production, exports, and self-sufficiency stems from a conducive policy environment, and a close working relationship between industry and key government ministries such as MeitY, DPIIT, Ministry of Commerce, Ministry of Finance, NITI Aayog and the Prime Minister’s Office (PMO).
“Initiatives such as the phased manufacturing program (PMP) announced in 2017 and production-linked incentive (PLI) announced in 2020 have been critical in this leap to help transform India from an import-dependent nation to an economy which will export 30 percent of its total mobile production in the current financial year,” said the industry body.
[With Inputs from IANS]
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Between 10-13 Nov 2023, over 8,53,049 IMPS (Immediate Payment System) transactions took place, in which Rs 820 crore was wrongfully transferred. “IMPS inward transactions initiated from around 14,600 account holders of seven private banks were wrongfully posted in the accounts of over 41,000 UCO Bank account holders. This resulted in Rs 820 crore being credited to UCO Bank accounts without actual debiting from the originating banks,” searches in Rajasthan and Maharashtra were conducted on people who received the money and withdrew it rather than returning it to the bank, the CBI spokesperson said
Note: Majority of transactions were done using mobile phones & banking apps.