India's smartphone exports soar, surpassing petroleum, diamonds in FY25

India's smartphone exports have experienced remarkable growth, achieving a significant milestone by surpassing the country's traditional export giants, petroleum and diamonds, in the fiscal year 2024-25. The sector saw a 55 percent increase, reaching USD 24.14 billion, compared to USD 15.57 billion in 2023-24 and USD 10.96 billion in 2022-23. This surge highlights India's growing prowess in the global smartphone market, driven by robust manufacturing capabilities and a favorable policy environment. The impressive expansion of smartphone exports is attributed to the government's initiatives, such as the Production Linked Incentive (PLI) scheme, which has attracted major global manufacturers to establish and expand their operations in India. Companies like Apple and Samsung have significantly ramped up their production, contributing to the country's increased export volumes. Additionally, the growing demand for affordable yet technologically advanced smartphones worldwide has positioned India as a key player in the market. This shift in export dynamics not only underscores India's potential as a manufacturing hub but also reflects a broader trend of diversification in its export portfolio. As India continues to enhance its infrastructure and invest in technology, the smartphone sector is poised for further growth, potentially setting new benchmarks in the coming years. The rise of smartphone exports marks a significant step in India's journey towards becoming a leading global exporter of high-value goods.

— Authored by Next24 Live