PM Narendra Modi launched the ‘Make in India initiative’ on September 25, 2014, with the objective of making India a global manufacturing hub, by boosting both ‘multinational and domestic companies’ to manufacture their own products in India.
In yet another Modi government’s ‘Make in India’ success, the domestic mobile devices and components manufacturing industry has helped save India a staggering 3 lakh crore rupees of possible outflow in the last four years, by replacing import of completely-built units (CBUs) with ‘domestically (within the country) manufactured and assembled handsets’, said the India Cellular & Electronics Association (ICEA).
In a report, the industry body added that the mobile phone and components manufacturing industry is likely to be worth Rs 1.65 lakh crore with about 290 million units by 2019, while the import is also likely to go down to around 5-7%.
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During the financial year 2014-15, of the total domestic requirement of mobile handsets- nearly 78% was met through imports. The net foreign exchange savings are already valued over Rs 60,000 crore, the report added. According to the report, more than 120 new manufacturing units were established in the last four years, creating employment opportunities to over 4.5 lakh people.
In the last financial year 2017-18, about 225 million mobile phones were manufactured and assembled in India itself, which is 80% of the total market demand, the report showed.
ICEA chairman and national president Pankaj Mohindroo added in the report that the nation is now progressing towards almost zero imports for mobile handsets, which is indeed a massive transformation. In 2017, India became the second largest smartphone market after China by surpassing the USA.