Smartphones Outshine Diamonds: India’s Export Game Gets a Tech Upgrade

Image Source: Deccan Chronicle

India has marked a significant milestone in its export scene with smartphones overtaking petroleum products and diamonds to emerge as the country's leading exported item in fiscal year 2024-25. Trigged by rampant demand from the United States and strong government support, India's smartphone shipments have increased almost five times to the US over three years, marking India as an emerging global electronics manufacturing hub.

Record-Breaking Export Growth

India's exports of smartphones jumped 55% to $24.14 billion during 2024-25 from $15.57 billion during 2023-24 and $10.96 billion during 2022-23.
Smartphones have surpassed petroleum products and diamonds as India's top export goods for the first time.

US and Japan Fuel the Surge

US exports jumped from $2.16 billion during 2022-23 to $5.57 billion in 2023-24 to $10.6 billion during 2024-25-a three-year growth to nearly five times in just three years.
Exports to Japan also increased over four times, from $120 million during 2022-23 to $520 million during 2024-25.
The US and Japan are now among the top five importers of Indian smartphones, along with the Netherlands, Italy, and the Czech Republic.

Government Policy and Industry Impact

The Production-Linked Incentive (PLI) scheme has played a critical role, driving investments, ramping up domestic production, and bringing India into global value chains.
Major international brands, particularly Apple and Samsung, have set up additional manufacturing activities in India and are responsible for nearly 94% of the exports of smartphones from India in 2024.
India's emergence as the world's manufacturing and export destination for smartphones has been viewed as a direct consequence of these policy initiatives and sectoral changes.

Wider Export Trends

Apart from the US and Japan, there has been considerable growth in exports in:

Netherlands: $2.2 billion (from $1.07 billion)
Italy: $1.26 billion (from $720 million)
Czech Republic: $1.17 billion (from $650 million).

Strategic Implications

The explosive growth in smartphone exports is a strategic turning point in India's economic priorities, pointing to its enhanced competitiveness in high-tech manufacturing.

This milestone is a huge boost to the government's Make in India and Digital India programs, strengthening India's position in the international electronics value chain.

Sources: Deccan Herald, Economic Times, The Times of India, The Week, Free Press Journal, NewsBytes

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