India's Electronics Exports Soar in FY24: A Deep Dive into Apple and Domestic Manufacturing

Monday, 22 July 2024, 08:20

In FY24, India's electronics exports significantly increased to 6.6%, largely propelled by smartphone manufacturing and the Production-Linked Incentive (PLI) scheme, according to the Economic Survey 2023-24. Apple's impressive $14 billion investment and Foxconn's operations in Karnataka and Tamil Nadu were key drivers. Notably, these developments resulted in an $8.7 billion trade surplus with the US, boosting domestic production to Rs 8.22 lakh crore, which now contributes 4% to GDP and improves female employment. With these advancements, India has enhanced its global market share in electronics to 3.7%.
Economictimes
India's Electronics Exports Soar in FY24: A Deep Dive into Apple and Domestic Manufacturing

Overview of India's Electronics Export Growth

India's electronics exports have risen remarkably in FY24, reaching 6.6%. The surge is largely attributed to smartphone manufacturing and the benefits of the Production-Linked Incentive (PLI) scheme.

Key Factors Influencing Growth

  • Apple's Investment: Apple's substantial investment of $14 billion has significantly contributed to this growth.
  • Foxconn's Role: Operations of Foxconn in Karnataka and Tamil Nadu have also played a crucial part.
  • Trade Surplus: These factors culminated in a remarkable $8.7 billion trade surplus with the United States.

Impact on Domestic Economy

Domestic production reached Rs 8.22 lakh crore in FY23, accounting for 4% of India’s GDP. This growth has fostered an increase in female employment, bolstering the economic landscape.

Conclusion

With India's global electronics market share rising to 3.7%, the nation's position as a key player in electronics manufacturing continues to strengthen.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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