New Delhi, March 26
India, which is the second-largest mobile phone producer in the world, is all set to reach $300 billion in electronics production by 2026, driven by the ‘Make in India’ and the production-linked incentive (PLI) scheme, the Centre said on Wednesday.
In 2014-15, 26 per cent of mobile phones sold in India were locally made, which rose to 99.2 per cent by December 2024
In 2014, India had just two mobile manufacturing units; today, it has over 300. The mobile phone exports surged from Rs 1,566 crore in 2014-15 to Rs 1.2 lakh crore in 2023-24, marking a 77-fold increase.
India's semiconductor ecosystem has gained significant momentum, with five landmark projects, with a total combined investment nearing Rs 1.52 lakh crore, receiving approval.
"As India moves towards a $300 billion electronics production target by 2026, its robust policies and skilled workforce are paving the way for sustained growth, positioning the nation as a key player in the global electronics and semiconductor industry," the Ministry of Electronics and IT said in a statement.
The manufacturing value of mobile phones has surged from Rs 18,900 crore in FY14 to a staggering Rs 4,22,000 crore in FY24. More than 325 to 330 million mobile phones a year are being manufactured in India, and on average, there are about a billion mobile phones in use in India.