NEW DELHI: India’s mobile phone shipment crossed the 2 billion cumulative units mark under the Make-in-India initiative during 2014-2022, registering a 23% CAGR, according to the latest research from Counterpoint.
The reason for the massive growth is the huge internal demand, increasing digital literacy and government push, that made India the second-biggest mobile phone-producing country. “In 2022, more than 98% of shipments in the overall Indian market were ‘Made in India’, compared to just 19% when the current government took over in 2014.
We have also seen increasing local value addition and supply chain development in the country. Local value addition in India currently stands at an average of more than 15%, compared to the low single digits eight years ago,” said Tarun Pathak, Research Director.
The government has been pushing hard to become an electronic manufacturing hub in the past few years. The Indian government has introduced schemes and initiatives such as the Phased Manufacturing Program (PMP), Make in India, Production Linked Incentive (PLI) and Atma-Nirbhar Bharat (Self-Reliant India) to increase local manufacturing and value addition.