India Closes in on Rs 1.70 Lakh Crore Smartphone Exports, with Foxconn Being the Largest Contributer

New Delhi: India's smartphone exports are set to cross Rs 1.70 lakh crore (Rs 17 billion) in the current financial year, a rise of 31% from Rs 1.29 lakh crore in FY24, according to industry sources.

The majority of these shipments come from iPhones, with around 70% of the export value attributed to Apple's popular smartphone brand. However, domestic contract manufacturer Padget Electronics (Dixon) and Samsung also contribute significantly to India's smartphone exports, making up around 30%.

In November alone, Indian smartphone exports reached a staggering Rs 20,000 crore, the highest monthly figure seen so far.

Apple's iPhone vendor Foxconn, with its production unit in Tamil Nadu, was the largest contributor to smartphone exports in FY24. The company has created nearly 42,000 jobs, of which more than 72% are women. Foxconn is also India's largest employer across all sectors.

Industry association ICEA recently assessed the success of the government's manufacturing-linked incentive (PLI) scheme under Apple. According to ICEA, against a total disbursement of Rs 5,800 crore during this period, the smartphone industry contributed approximately Rs 1.10 lakh crore in revenue, created over 300,000 direct and 600,000 indirect jobs.

The industry added exports worth Rs 2.87 lakh crore, exceeding the target value. Domestic value addition reached up to nearly 20%.

Chairman Pankaj Mohindroo said that the sector's success is due to a deep partnership between the government and industries. As part of the upcoming Union Budget, ICEA has sought tariff rationalisation and tax reforms.

Recently, Communications and IT Minister Ashwini Vaishnaw announced the government's plan for an export-led growth strategy for smartphones and electronics, collaborating closely with the Finance Ministry to streamline border crossing processes and reduce import duties.

Indian smartphone exports have made a significant leap in recent years, moving from Rs 76,221 crore in FY24 to over Rs 1 lakh crore in FY25. As the government gears up for export-led growth, stakeholders are optimistic about India's potential as a global mobile phone manufacturer.