India's Electronics Exports Hit Record High Of $19 Billion In Seven Months
Date
11/20/2024 2:10:30 PM
(MENAFN- KNN India)
New Delhi, Nov 20 (KNN)
India's Electronics exports reached an all-time high of USD 19.1 billion during the first seven months of the 2024-25 financial year, marking a 24 per cent growth over the USD 15.4 billion recorded during the same period last year, according to government data.
This Stellar performance underscores the sector's rising prominence, as it climbed from sixth to third place among India's top exports, trailing only engineering goods and petroleum products.
The unprecedented surge is largely attributed to the smartphone production-linked incentive (PLI) scheme, which has significantly boosted exports.
In October 2024 alone, electronics exports hit USD 3.4 billion, a 45 per cent year-on-year increase compared to USD 2.4 billion in October 2023.
Smartphones constituted a dominant 55 per cent of total electronics exports in the April–October period, with Apple emerging as the key player. Exports of iPhones accounted for 66 per cent of smartphone exports and a substantial 37 per cent of overall electronics exports.
Electronics has become India's fastest-growing export sector, both monthly and cumulatively, among the nation's top five exports.
While electronics exports were less than one-third of petroleum exports during the same period last fiscal year, they have now reached nearly half of petroleum exports, which totalled USD 40.9 billion in April–October 2024.
This rapid growth highlights a broader transformation in India's export landscape. The government's strategic push through initiatives like the PLI scheme and favourable policies has propelled electronics to the forefront of the country's export portfolio.
The Department of Commerce's data reveals that the sector is steadily narrowing the gap with petroleum exports, signalling its potential to emerge as a cornerstone of India's economy.
As the sector continues its upward trajectory, India solidifies its position as a global hub for electronics manufacturing and exports, setting the stage for long-term growth and competitiveness in international markets.
(KNN Bureau)
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