Mumbai: For the first time in October, with the help of Production Linked Incentive (PLI) scheme, the number of smartphones exported from the country has crossed two billion dollars. Smartphone exports in October have increased by 70 percent year-on-year. The October figure is 23 percent more than the record of last May of the current year.
The Smartphone PLI scheme has greatly benefited the government exchequer in terms of tax revenue. The figure of smartphone exports in October 2023 was $ 1.20 billion. Sources in the Indian Cellular and Electronics Association said that the demand for smartphones in India is increasing not only in the domestic but also in the global market.
In the first seven months of the current financial year, the export figure has increased by 37 percent year-on-year to $10.60 billion. A total of $7.80 billion worth of smartphones were exported from India in the first seven months of the last financial year, while the total smartphone export figure for the entire previous financial year stood at $15 billion. This figure is expected to reach around $19 billion by the end of the current financial year.
The Smartphone PLE scheme has proved to be a big boon for the government. During the financial year 2021-2024, this industry has contributed Rs 1.10 lakh crore to the government exchequer and has produced goods worth Rs 12.55 lakh crore. The data received shows that the government has released a total of Rs 5800 crore under the scheme in these four years.
The industry has paid duty of Rs 48,000 crore on smart phone parts and components and it is also reported that the government has received Rs 6,200 crore under the Goods and Services Tax (GST) in four years.
