India's Electronics Exports Surge, Driven by Youth Innovation
Prime Minister Narendra Modi praised India’s advancing position in the global electronics industry, crediting the sector's success to the country’s innovative young talent. Recently, he highlighted that electronics exports have climbed to third place among India’s top ten exports for the April-June quarter (Q1 FY25), largely driven by Apple iPhones.
Data from the Department of Commerce indicates that while engineering products lead the export rankings, followed by petroleum, electronics now hold the third position. On X (formerly Twitter), Prime Minister Modi celebrated this milestone, underscoring that the country's electronics achievements are powered by its youthful innovators and the government’s focus on reforms and the Make in India campaign.
Electronics and IT Minister Ashwini Vaishnaw also lauded the sector’s success, sharing on X that electronics exports are now among the top three categories for India. This progress is largely attributed to the Production Linked Incentive (PLI) scheme, which has helped achieve record export figures.
Apple, a key contributor to the surge in electronics exports, is set to exceed $9.5 billion in revenue in India this year, holding over 7% of the market. The company earned nearly $8 billion in revenue in India last fiscal year. Apple’s strong performance is driven by its increased local manufacturing and the benefits of the PLI scheme, which facilitated record exports of around $3.8 billion during Q1 FY25.
During a recent quarterly earnings call, Apple CEO Tim Cook announced record revenue in India, attributing this success to robust local manufacturing and growing export figures. CFO Luca Maestri noted exceptional results in emerging markets, including India, with new records for Mac sales in Latin America, India, and South Asia. As Apple prepares to launch new iPhone models and gear up for festive season sales, the company expects continued growth in the Indian market.