Apple powers India's record Rs 2 lk cr FY25 smartphone exports

India's smartphone exports climbed to a record more than ₹2 lakh crore in the just-ended fiscal year, clocking a 54% growth, with Apple's iPhones alone contributing ₹1.5 lakh crore, said electronics and information technology minister Ashwini Vaishnaw on Tuesday. Smartphones are among India's top exported goods, he said.

The minister also highlighted that India's electronics manufacturing industry grew fivefold in the past decade, posting more than 17% growth compounded annually. Electronics exports increased six times at over 20% compounded annually during this period.

During the day, the minister announced the notification of the ₹22,919 crore electronics component manufacturing scheme which was approved by the Union cabinet on March 28. He said the government will hold consultations with the industry on the implementation guidelines, which should be ready in two to three weeks, after which a portal will be opened for applications. "This is in a sense the third phase of our growth. We started with just the finished goods, then the sub-assemblies and now the components," Vaishnaw said.