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The development announced in the Economic Survey 2024-25 tabled by the union finance minister Nirmala Sitharaman in Parliament today (January 31).
The production of electronic goods in India stood at INR 9.52 Lakh Cr in FY24
The country has also reduced its dependence on smartphone imports with 99% of them being manufactured domestically
The production of electronic goods in India stood at INR 9.52 Lakh Cr in FY24, against INR 1.90 Lakh Cr in FY15, according to the Economic Survey 2024-25 tabled by the union finance minister Nirmala Sitharaman in Parliament today (January 31).
The country has also reduced its dependence on smartphone imports with 99% of them being manufactured domestically, the survey said.
“In FY24, the country produced approximately 33 Cr mobile phone units, with over 75 % of the models being 5G enabled,” it added.
As per the survey, India’s electronics market represents 4% of the global market. It further adds that the industry has majorly grown in the aspect of assembly with limited progress in design and manufacturing.
As per FY15’s data, mobile phone imports accounted for 78% of the market in value terms. This number was trimmed down to 4% by FY23.
The survey said that the large domestic market, availability of skilled talent and low-cost labour are the key drivers of this growth.
It is pertinent to note that as a part of “Make In India”, Chinese consumer electronics major Lenovo recently said that it is looking to double the production of its mobile phones and laptops in India during FY25.
Similarly, last month, homegrown electronics manufacturer Dixon Technologies inked a pact with Vivo India to launch an original equipment manufacturer (OEM) facility via a joint venture to make smartphones in India.
As per a 2024 report by India Cellular and Electronics Association (ICEA), India became the 2nd largest smartphone maker globally, with 2.5 Bn phones in 10 years.