The expansion in native manufacturing, particularly in smartphones, was supported by the federal government’s production-linked incentive (PLI) scheme, encouraging producers to supply parts regionally, in keeping with an ET report.
Plastic components imports, together with again covers, GSM antenna and digicam lenses for smartphones, decreased by 33% in quantity and 26.5% in worth in the course of the first 10 months of FY24. Equally, imports of mechanical components, like vibrator motors and screws, additionally noticed a decline in quantity and worth.
Huge increase
The federal government’s determination to cut back import obligation on parts from 15% to 10% within the current price range aimed to spice up native manufacturing competitiveness. Charger adapters imports witnessed a big 72% lower in quantity however a slight 1.3% improve in worth from April to January 2024 in comparison with FY23. Market analysts famous that chargers account for about 2.5% of the whole manufacturing value of cell phones.
Additionally Learn | Apple Awas Yojana? Apple ecosystem to now construct residential amenities for employees after creating 1.5 lakh direct jobs
Whereas high-value gadgets similar to digicam modules, show assemblies, and battery packs had been imported in bigger portions final yr, there’s a rising want to boost native worth addition for improved export competitiveness. Digital camera module imports elevated by 2.3% in quantity however decreased by 5.3% in worth, whereas battery pack imports rose by 12% in quantity however fell by 13% in worth.
The revised HSN code for show assemblies in 2023 led to a big 200% surge in imports. Semiconductor imports additionally noticed a rise, pushed by the demand for premium digital items and better wafer prices.
Additionally Learn | Is Chinese language garlic being smuggled into India? Why customs has sounded excessive alert
Within the first 9 months of the fiscal yr, India’s electronics exports soared by 22.24% to surpass the $20-billion mark, primarily attributable to strong smartphone exports by main manufacturers like Apple and Samsung.
Notably, iPhones accounted for $7 billion in exports in December 2023, representing 35% of whole electronics exports.
