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India's Smartphone Exports Reach $24 Billion, Overtaking Petroleum and Diamonds

Fueled by the Production-Linked Incentive scheme, smartphones have become India's leading export, with shipments to the US surging nearly fivefold in three years.

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Overview

  • India's smartphone exports rose 55% in FY2024-25 to $24.14 billion, surpassing petroleum products and diamonds as the country's top export.
  • Shipments to the US grew nearly fivefold over three years, reaching $10.6 billion in FY2024-25, the largest growth market for Indian smartphones.
  • Exports to Japan increased fourfold during the same period, climbing from $120 million in FY2022-23 to $520 million in FY2024-25.
  • The Netherlands, Italy, and the Czech Republic also saw significant gains, with exports rising to $2.2 billion, $1.26 billion, and $1.17 billion respectively.
  • The Production-Linked Incentive (PLI) scheme has driven this growth by attracting investments, scaling up local manufacturing, and deepening integration into global value chains.