India aims to exceed $20 billion in smartphone exports in FY25, driven by rising iPhone exports, which contributed nearly $10 billion of the $15 billion total last year. By November, exports surpassed $12 billion, positioning the target within reach. Apple’s 2024 exports hit $12.8 billion. The PLI scheme has positioned India as the second-largest mobile phone producer, generating substantial employment. The Apple ecosystem has achieved 15-20% local value addition, with domestic production reaching $17.5 billion, potentially rising to $30 billion soon.
India is setting its sights on an ambitious goal of surpassing $20 billion in smartphone exports for the fiscal year 2025, driven largely by a surge in iPhone exports. In the previous financial year, smartphone exports reached an impressive $15 billion, with Apple alone accounting for nearly $10 billion of that total.
Recent industry reports indicate that smartphone exports have already exceeded $12 billion by November of FY25, with December figures still pending. The current trajectory suggests that the $20 billion target is well within reach.
For the calendar year 2024, Apple’s export figures have soared to $12.8 billion, and this number is expected to rise further as FY25 concludes on March 31.
“Target to cross $20 billion smartphone exports in FY25,” stated Electronics and IT Minister Ashwini Vaishnaw on the social media platform X, while referencing a report from the Economic Times that highlighted the growth in iPhone exports.
According to Counterpoint Research, the global smartphone market has rebounded in 2024 after two years of decline, showing a 4% year-over-year growth. “Consumer sentiment has improved significantly due to macroeconomic advancements, marking a positive shift from the lowest sales figures in a decade seen in 2023,” Counterpoint noted.
Thanks to the smartphone production-linked incentive (PLI) scheme introduced in April 2020, India has emerged as the world’s second-largest producer of mobile phones. In FY24, the country produced mobile phones worth ₹4.10 lakh crore.
Ten companies, including five international and five local players, were selected to benefit from the PLI scheme, which initially had a financial outlay of ₹40,951 crore, later adjusted to ₹38,601 crore. The effectiveness of the scheme, in terms of investment, production, exports, and job creation, has been largely attributed to Apple’s contract manufacturers, including Foxconn, Tata (Wistron), and Pegatron, as well as the South Korean giant Samsung. These companies have consistently met their targets and received incentives.
Among Indian manufacturers, Dixon Technologies stands out for successfully meeting its targets and receiving benefits from the scheme.
The mobile phone sector has become a significant source of employment, generating nearly 300,000 direct jobs and 600,000 indirect jobs within the smartphone ecosystem. It has also emerged as a leading provider of employment and skill development opportunities for women in mid-skilled, blue-collar roles.
A notable success story within this initiative is the Apple ecosystem, which has achieved local value addition ranging from 15% to 20%, depending on the model. In 2024, Apple’s domestic production skyrocketed to $17.5 billion (approximately ₹1.48 lakh crore).
If this positive momentum continues, industry experts predict that Apple could reach an astounding $30 billion in annual production within the next few years, increasing India’s share in the iPhone production ecosystem from 14% to over 26%.
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