India’s Production Linked Incentive (PLI) scheme for electronics manufacturing has shown significant success, attracting a cumulative investment of Rs 10,213 crore by December 2024.
Union Minister of State for Electronics and Information Technology, Jitin Prasad, shared these impressive figures in a written reply to the Rajya Sabha this week.
The PLI scheme has not only led to a surge in production but also created substantial employment opportunities. By December 2024, the scheme has driven a cumulative production of Rs 662,247 crore and generated 137,189 direct jobs.
One of the standout successes of the PLI scheme is the growth in mobile phone manufacturing. The production of mobile phones in India has skyrocketed from approximately 60 million units in 2014-15 to around 330 million units in 2023-24.
This marks a more than fivefold increase in mobile phone production over the last decade.
In terms of value, mobile phone production has surged from Rs 19,000 crore in 2014-15 to an impressive Rs 422,000 crore in 2023-24, growing at a Compound Annual Growth Rate (CAGR) of 41 percent.
The government’s policies have helped transform India from a mobile phone-importing nation in 2014-15 to an exporter in 2023-24.
The PLI scheme has also been instrumental in driving mobile phone exports. Exports have witnessed an extraordinary increase from Rs 22,868 crore in 2020-21 to Rs 129,074 crore in 2023-24, growing at a staggering CAGR of 78 percent.
In 2015, a significant 74 percent of mobile phones sold in India were imported. Thanks to the PLI scheme, 99.2% of mobile phones used in India are now made domestically.
The PLI scheme has not only boosted mobile phone production but also spurred the manufacturing of essential electronic components and sub-assemblies.
These include batteries, chargers, PCBA, camera modules, display modules, enclosures, USB cables, ferrites, and glass covers. This indicates a rapidly developing ecosystem for mobile phone manufacturing within India.
Existing component manufacturers are expanding their capacities, and new players are increasingly eyeing India as a promising market.
The government has also acknowledged the contributions of small-scale players catering mainly to the domestic market.
Under the PLI scheme, domestic mobile phone manufacturers have made a cumulative investment of Rs 787 crore, leading to a total production of Rs 34,111 crore and the creation of 25,288 direct jobs by December 2024.
Also Read: India’s Semiconductor Consumption Market To Grow 13% Annually Through 2030
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