India's smartphone exports cross ₹1 trillion mark
What's the story
India's smartphone exports have crossed ₹1 trillion in the first five months of FY26, a jump of 55% from the ₹64,500 crore mark in the same period last year. The surge is largely driven by Apple's contract manufacturers, Tata Electronics and Foxconn. The growth comes despite a gloomy export picture due to a tariff dispute with the US.
Scheme impact
PLI scheme fuels export growth
The remarkable growth in India's smartphone exports can be attributed to the production-linked incentive (PLI) scheme. The scheme has helped scale and grow the component ecosystem, making India a key player in the global smartphone market. Exports in the first five months of this fiscal year are already 10% higher than the ₹90,000 crore recorded in all of FY23.
Export leaders
Tata, Foxconn lead the charge
Tata Electronics and Foxconn, Apple's two iPhone contract manufacturers, have been instrumental in driving India's smartphone export growth. Their combined contribution of over ₹75,000 crore accounts for nearly 75% of the total smartphone exports during this period. This highlights the critical role these companies play in bolstering India's position in the global smartphone market.