New Delhi. India’s economy has emerged as one of the fastest growing economies in the world, its pace is constantly accelerating and it has overtaken the United States and other countries in terms of trade. From the World Bank to the IMF, confidence has been expressed on India’s economy, while concerns have been expressed about China. In recent developments, India has given a huge blow to China in the field of smartphone exports. During the first nine months of the fiscal year, April to December, India’s smartphone exports grew by a whopping 253.70% to reach $3.53 billion. This significant growth is in stark contrast to the decline in China’s smartphone exports during the same period.
According to data recently released by the Commerce Ministry, India has now become the third largest exporter of smartphones to the United States after China, surpassing Vietnam. In the last financial year 2022-23, India sold only $99.8 million worth of smartphones to the US during the same period. However, in the April-December period of 2023-24, India’s smartphone export share increased to 7.76%, compared to only 2% last year.
While smartphone exports from India to the US have increased, exports to China have declined by $3.16 billion, from $38.26 billion to $35.1 billion. Vietnam, previously a strong contender, also experienced a significant decline in smartphone exports to the US from $9.36 billion to $5.47 billion.
The growth in smartphone manufacturing in India has contributed to this growth in exports, leading to the country emerging as a major production hub. The introduction of production-based incentives through schemes such as the PLI scheme and the start of manufacturing operations by US tech giant Apple have further accelerated export growth.
However, while India’s exports to the US have increased, total smartphone exports from top exporters have seen a decline. The US received smartphone exports worth $45.1 billion from various countries including China, Vietnam, South Korea and Hong Kong. Exports to South Korea declined from $85.8 million to $43.2 million, while exports to Hong Kong declined from $13.2 million to $11.2 million.