Business: Made in India smartphone created a buzz all over the world
Business: Made in India smartphones are making a splash all over the world, due to which China and Vietnam are breathing heavily. Actually, India has overtaken China in terms of mobile phone exports. People all over the world are liking Made in India smartphones a lot. Recently a report of the International Trade Center has come out, which states that India has overtaken China and Vietnam in terms of smartphone exports. The world is increasingly looking towards India for smartphone exports. If we talk about the figures, India’s mobile exports have been more than 40 percent in 2024. While mobile exports to China have declined by 2.78 percent, mobile exports to Vietnam have declined by 17.6 percent. China and Vietnam are in trouble Both China and Vietnam are at the top in terms of mobile exports in the world. Both had maintained their dominance in the mobile export market. But now India is rapidly ending the dominance of China and Vietnam. India has recovered about 50 percent of the decline in mobile phone exports from China and Vietnam. It is clear from this that the objective of recovering a large part of the change in the supply chain from China has been achieved.
Benefit from this government scheme: If India has been able to overtake a country like China in mobile exports, then the PLI scheme has played a big role in it. The PLI scheme is an initiative started by the Government of India, which aims not only to encourage foreign companies to create employment in the country, but also to promote domestic and local production to bring small jobs. It is because of the PLI scheme that the world’s largest mobile companies Apple, Vivo, Xiaomi and Samsung are producing smartphones locally.
According to data from the International Trade Center (ITC), Chinese exports of mobile phones fell from $ 136.3 billion in FY 2023 to $ 132.5 billion in FY 2024. It declined by $ 3.8 billion or 2.8%. Similarly, mobile exports have also declined in Vietnam. It fell from $31.9 billion in FY23 to $26.27 billion in FY24. That is, the total exports declined by 17.6% or $5.6 billion. The total exports of both the countries stood at $9.4 billion.
Apple doubled production and exports from India: Officials claim that the smartphone PLI scheme has been a success. iPhone maker Apple started producing iPhones in the country under the scheme. Its three major iPhone vendors Foxconn, Pegatron and Wistron have set up their plants in India after the launch of the scheme. Apple has doubled production and exports from India in the last two financial years. The company’s production grew from $7 billion in FY23 to $14 billion in FY24. Its exports grew from $5 billion to over $10 billion during this period. iPhone accounts for 65% of India’s mobile exports and more than a third of electronics exports. Samsung also made profit
According to the information, like Apple, companies like Samsung will also start exporting mobiles in large quantities from India. The South Korean giant is also a beneficiary of the PLI scheme and its mobile phone exports from India in FY24 were around $3.5 billion. This was about one-third of Apple’s exports. Samsung is currently the largest exporter of mobile phones from Vietnam. According to a report, Samsung had invested $20 billion in Vietnam by the end of 2023. Currently, more than 50% of Samsung products sold worldwide are made in Vietnam.
