Mobile phone exports surpass Rs 2 lakh cr in FY25 powered by iPhone shipments says Vaishnaw

    New Delhi, Apr 8 (PTI) Mobile phone exports surpassed Rs 2 lakh crore in the 2024-25 financial year with iPhone shipments alone contributing about Rs 1.5 lakh crore, Union Minister Ashwini Vaishnaw said on Tuesday.
     The minister said that smartphone exports have seen a 54 per cent growth over the 2023-24 fiscal.
     "Smartphone exports crossed a new record of Rs 2 lakh crore in the financial year 2024-25. It is now among the top exported goods out of India. This is 54 per cent growth over the previous fiscal. iPhone exports alone are worth about Rs 1.5 lakh crore," Vaishnaw said.
     He said that electronics manufacturing in the country has increased more than five times and exports by more than six times in the last 10 years.
     The minister also announced the rollout of the passive component manufacturing scheme and guidelines, which have provisions to give an incentive of Rs 22,919 crore that will create direct employment of around 1 lakh and enhance value addition in the finished products.
     "We have achieved value addition of about 20 per cent and we aim to double it over the next five years," Vaishnaw said.
     He said that the ecosystem for electronics manufacturing, including component manufacturing, has substantially increased.
     "More than 400 production units are there, small and big, which manufacture a variety of components," Vaishnaw said.
     He said that the benefits under the Electronic Component Manufacturing Scheme will be provided for a period of six years starting April 1, but the six-year period also includes a year of gestation on an optional basis.
     Financial Year (FY) 2024-25 shall be treated as the base year for the computation of turnover-linked incentive under the scheme while the applicant may opt for a gestation period of one year and, in such cases, base year would be FY 2025-26.
     "The electronic components supported under the scheme will go into consumer electronics, medical electronics, power electronics, automobiles and practically in every technological product," Vaishnaw said.
     The scheme will cover production of components like resistors, capacitors, Ferrites, specialty ceramics, inductors, coils (including inductive coil), etc for electronic applications, electro-mechanical components, supply Chain of sub-assemblies and bare components, lithium ion cell motherboards, enclosures for IT hardware and mobile products etc.
     Companies will be required to make cumulative investments in the range of Rs 10 crore to Rs 1000 crore for turnover-linked incentive and the incentive will range from 1 to 10 per cent.
     The scheme will provide a capex incentive of up to 25 per cent for printed circuit boards and SMD passive components, along with a turnover-linked incentive.
     Supply chain of sub-assemblies and bare components that will require a minimum investment of Rs 10 crore will also be eligible for a 25 per cent capex incentive, but they will not be eligible for turnover-linked incentive.
     The scheme will be open for application for three months from May 1 onwards, and the period may also be extended.

(This story has not been edited by THE WEEK and is auto-generated from PTI)