India's Electronics Sector Thrives with Youth Innovation: PM Modi
Prime Minister Narendra Modi highlighted India’s growing prominence in the global electronics market, attributing the sector's success to the nation's innovative youth. In a recent update, the Prime Minister noted that electronics exports have soared to the third spot among India’s top ten exports for the April-June quarter (Q1 FY25), driven significantly by Apple iPhones.
The latest data from the Department of Commerce reveals that engineering products lead the export rankings, followed by petroleum, with electronics now in third place. Prime Minister Modi celebrated this achievement on X (formerly Twitter), emphasizing that India’s electronics prowess is fueled by the nation’s youthful innovators and the government’s commitment to reforms and the Make in India initiative.
Minister of Electronics and IT Ashwini Vaishnaw also praised the progress, noting on X that electronics exports are now among the top three categories for India. The sector's success is bolstered by the Production Linked Incentive (PLI) scheme, which has significantly contributed to record export numbers.
Apple, a major player in the electronics export boom, is expected to surpass $9.5 billion in revenue in India this year, capturing over 7% of the market. Last fiscal year, the tech giant generated nearly $8 billion in revenue in the country. Apple’s robust performance in India is driven by its strategic focus on local manufacturing and the PLI scheme, which resulted in record exports of approximately $3.8 billion during Q1 FY25.
Apple CEO Tim Cook recently reported a record quarterly revenue in India, attributing the growth to strong local manufacturing and increasing exports. CFO Luca Maestri highlighted exceptional performance in emerging markets, including India, with new records for Mac sales in Latin America, India, and South Asia. As Apple prepares for the new iPhone series and the festive season, the company anticipates continued growth in the Indian market.
