Union Minister of State for Electronics and IT, Rajeev Chandrasekhar, praised Prime Minister Narendra Modi’s innovative Production Linked Incentive (PLI) scheme for its significant impact on various fronts including production, exports, and employment opportunities. Chandrasekhar highlighted the remarkable progress made under the PLI scheme, particularly citing Apple’s achievement of surpassing $14 billion in iPhone production within just 11 months of FY24. He emphasized the substantial employment opportunities generated, particularly in iPhone manufacturing facilities operated by major companies like Foxconn, Pegatron, and Wistron, indicating a promising outlook for youth employment. Additionally, Chandrasekhar underscored the scheme’s focus on enhancing exports, revealing that a substantial portion, specifically two-thirds, of the production is slated for export from India.
Industry data corroborates the significant strides made in iPhone exports, with Apple alone accounting for approximately $8.7 billion worth of exports to other nations. Furthermore, figures from the India Cellular & Electronics Association (ICEA) demonstrate a remarkable surge in mobile phone production value, soaring from $2.5 billion in 2014-15 to an estimated $56 billion in FY24, reflecting a remarkable twenty-fold increase. Over the past decade, India has witnessed the production of over 2.45 billion mobile phone units, indicating a robust manufacturing ecosystem.
The evolution of mobile phone exports from a meager $210 million in 2014-15 to the current significant figures underscores the transformative impact of the PLI scheme. Experts assert that the PLI scheme, particularly tailored for Large-Scale Electronics Manufacturing (LSEM) and IT hardware, is propelling India towards becoming a competitive global hub for electronics manufacturing. Through strategic initiatives like the PLI scheme, India is poised to leverage its potential and emerge as a formidable player in the electronics manufacturing landscape, fostering economic growth and job creation in the process.
