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.