The total production of electronic goods in India in FY23-24 is likely to reach $115 billion, buoyed by mobile phones’ local production which is estimated to exceed $50 billion in the current fiscal year, said the India Cellular and Electronics Association (ICEA) on Sunday.
Electronic goods exports recorded an all-time high of Rs 8,806 crore in the month of December 2020.
In a statement, the India Cellular and Electronics Association (ICEA) said that the electronics industry is overcoming the unprecedented challenges of COVID and is on a path of regaining its momentum.
Mobile phone is the highest contributor in the segment comprising 35 per cent of the value with an export value of Rs 3,061 crore which is 50 per cent higher than December 2019.
Pankaj Mohindroo, Chairman of ICEA said: “The mobile handset manufacturing industry is continuing its growth juggernaut and its historic journey to meet its objective of becoming the world’s number one manufacturing destination in sync with the Prime Minister’s vision.”
He added that backed by the PLI scheme during the covid period, the industry has made substantial investments of more than Rs 2,000 crore.
“This year industry has faced unprecedented challenges in the face of global pandemic like COVID & the geo political challenges. We have faced severe supply chain disruptions, logistics, and restriction in movement of the skilled manpower or technicians for upgrading & setting up manufacturing facilities under the PLI scheme, still we have managed to standup on our feet and achieved a growth of 50 per cent in mobile phones exports in the month of December 2020 vs December 2019,” Mohindroo said.
He further said that rollout of the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme can also help boost the exports by specific process of determining the rates and identifying the product lines. The reducing of customs duties and a scheme to refund to the exporters the embedded central, state and local duties and taxes can act as key contributors in achieving the mobile phone export of $110 billion.