India has overtaken China as the second-largest manufacturer of mobile devices in the world, according to a report released by the international research firm Counterpoint. This growth has been fuelled by the Centre's push, increased internal demand, and growing digital literacy. The ‘Make in India’ initiative's mobile phone shipments from India exceeded 2 billion cumulative units and an annual growth rate of 23% was recorded. Additionally, more than 98% of exports in the overall Indian market were produced in India in 2022, per the data presented, and as compared to merely 19% in 2014, this is a fairly high percentage. In addition, Counterpoint claimed that the Aatma-Nirbhar Bharat (Self-Reliant India), Phased Manufacturing Programme (PMP), Make in India, Production-Linked Incentive (PLI), have contributed to an increase in domestic production and value addition for smartphones. As part of the 'Make in India' policy, the Centre launched the Phased Manufacturing Programme and increased import taxes on finished goods and a few essential parts over time to promote home manufacture and value addition. 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 at Counterpoint. Numerous businesses are establishing facilities in the country to produce mobile phones and their components, which has increased investments, created more jobs, and improved the ecosystem overall. The government now plans to take advantage of its numerous initiatives to turn India into a ‘semiconductor manufacturing and export hub. (ICE NEW DELHI)

Fonte notizia: IBEF