Phone Trending

Mobile Manufacturers in India: India is the second largest phone maker globally, government data shows. India Business News

New Delhi: India has emerged as the second largest mobile phone maker in the world with a 126% jump in production from FY 2021 to FY 2022, government data shows.

“Due to the Production Linked Incentive (PLI) scheme, India is currently one of the fastest growing mobile phone manufacturers in the world and has emerged as the second largest manufacturer of mobile handsets in the world in terms of volume. For large scale electronics Provided financial incentive on net incremental sales (over base year) for a period to eligible companies involved in manufacturing of specified electronic components including manufacturing mobile phone manufacturing and assembly, testing, marking and packaging (ATMP) units notified as on April 01, 2020. does. Five years old,” the government said in Parliament.
Sixteen companies have been approved under this scheme, which includes 10 mobile phone manufacturing companies and 6 electronic components manufacturing companies.
And this momentum in mobile phone manufacturing will continue, with the country likely to produce devices worth Rs 4-4.5 trillion between FY22 and FY24, led by the Production Linked Incentive (PLI) scheme, which is the highest rate for most companies. , is in its second year for the rating agency. CRISIL Said.
The report said that due to a boom in local manufacturing, dependence on China is decreasing, while India’s share of global mobile phone exports, which is currently negligible, is set to increase in the coming years.
“With domestic production increasing, India has become largely self-reliant on the consumption front. In FY 2022, mobile consumption in the country grew by 15-20% to Rs 2.5 trillion. Decline in mobile life cycle, increase in digitization and easier financing terms were the key factors contributing to the growth,” Crisil said. It said this momentum is likely to continue in the next fiscal and next fiscal, with consumption increasing to Rs 3.5-4 trillion by FY24.
“Dependency on China declined from 64% to 60% in FY21, and is expected to fall further in the medium term. However, with increasing production, imports of electronic components required for mobile assembling/manufacturing also increased by 27% year-on-year,” it said.
The last financial year was crucial for the country as mobile exports grew 56 per cent year-on-year, supported by a phased manufacturing program and PLI. Exports are expected to grow further to reach Rs 1-1.2 trillion in FY23 and FY24.



Source link

Leave a Reply

Your email address will not be published.