India’s electronics industry saw a record exports in 2022-23, marking a whopping 58 percent increase.
In 2018, South Korean giant Samsung inaugurated the world’s largest mobile factory in India. The 35-acre facility at Sector 81 in Noida, Uttar Pradesh, saw Prime Minister Narendra Modi and South Korean President Moon Jae-in officially inaugurating it together — placing the country firmly on the global manufacturing map.
Even before that, the country saw a massive turnaround in mobile manufacturing. Before 2014, there were two mobile manufacturing factories and now, more than 200 manufacturing units have been set up in India, producing millions of devices and exporting them to other countries.Electronics Industry
Fast forward to 2023. Led by locally-manufactured mobile phones, India’s electronics industry saw a record exports of electronic goods at an estimated Rs 1,85,000 crore in FY22-23 — compared to Rs 1,16,936 crore in FY21-22 — marking a whopping 58 per cent increase.
According to data by the India Cellular and Electronics Association (ICEA), mobile phone exports made history by crossing the $10 billion threshold for the first time in any fiscal year, reaching an estimated $11.12 billion (over Rs 90,000 crore) in FY23.
This growth has been primarily driven by the Apple ecosystem, which alone crossed a record $5 billion in exports from India in FY23.
The country has now taken a leap on manufacturing IT hardware (laptops, servers, tablets), semiconductors and more.
Vedanta-Foxconn Semiconductors Limited (VFSL), a joint venture between Foxconn and Vedanta Group, is one such example. Vedanta and Foxconn signed a Memorandum of Understanding (MoU) with the Gujarat government last year to invest Rs 1,54,000 crore to set up the semiconductor and display manufacturing plant which is India’s first.
In April, Vedanta Group signed MoUs with 20 Korean companies from the display glass industry for the development of an electronics manufacturing hub in the country.
