Indian handsets prodn soars by 17%, to Rs 4.1 lakh crore

Indian handset production for FY24 is estimated at Rs 4.1 lakh crore (USD 49.16bn), a 17 percent increase over last year, as per ICEA.

The domestic market has grown by 11 percent, from Rs 2.6 lakh crore in FY23 to Rs 2.9 lakh crore in FY24. In numbers, it is an annual market at 145 million sets, the increase in value emanating from a shift to more premium handsets and 5G sets.

Apple’s contribution has been substantial, with its production in the first 11 months of FY24 crossing Rs 1 lakh crore, a growth of 100 per cent over the previous year. Of this, 68 per cent of the production value was for exports.

CT Bureau