NEW DELHI: Mobile phone production in India is expected at grow at 22%-26% from fiscal 22-24 to reach Rs 4-4.5 lakh crore (by value) as the country’s dependence on imports continues to decline, ratings agency CRISIL said in a report Tuesday.
“After logging a 33% CAGR between the fiscals 2016 and 2021, domestic mobile production is estimated to have grown 24-26% in fiscal 2022. Despite the ongoing chip shortage, three of the global manufacturers met PLI production targets during the fiscal,” CRISIL said.
India’s mobile phone exports have decreased -33% in fiscal 2022, and dependency on China also declined significantly, CRISIL said. In contrast, during the same period, the country’s exports surged 56%, which is expected to grow further to touch Rs 1.0-1.2 lakh crore over fiscal 2023 and 2024.
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