India’s Mobile Exports Poised to Soar: Vaishnaw Forecasts $50-$60 Billion Growth

• ByStartupStory     |    March 7, 2024

Union IT and Communications Minister Ashwini Vaishnaw projected a significant surge in mobile phone exports from India, forecasting a five-fold increase to $50-60 billion from last year’s $11 billion. Speaking at a fintech event, he highlighted the expected rise in employment within the electronics manufacturing sector, from 10 lakh to 25 lakh. Vaishnaw emphasized India’s transformation from importing 98% of mobile phones a decade ago to manufacturing 99% domestically. He stated, “Mobile phones worth $11 billion were exported last year. In the coming days, you will see exports to the tune of $50-60 billion.”

Vaishnaw also outlined India’s economic trajectory, predicting it to become the third-largest economy by 2027, up from 11th place in 2014. Quoting a Jefferies Equity Research report, he anticipated India achieving a $10 trillion market capitalization by 2030. Highlighting infrastructure development, he noted the addition of 5200 kilometers of railway lines last year, equivalent to Switzerland’s entire railway network. “Already 4,972 kilometers have been completed. The entire month of March is left. We will add 5500 kilometers (railway lines) this year,” Vaishnaw said.

Vaishnaw underscored India’s progress across various sectors, contrasting it with past perceptions of fragility. He mentioned improvements in GDP growth, forex reserves, and foreign investment since 2014. Vaishnaw emphasized the government’s focus on inclusive growth, citing measures to uplift women and marginalized communities. “We have increased IITs 10 times, AIIMS have been doubled, and universities have increased three times,” he stated.

Reflecting on poverty alleviation, Vaishnaw noted, “There is no state in India with extreme poverty.” He also highlighted India’s enhanced performance in international sports due to transparent policies and improved athlete training facilities. “India has become the growth engine of the entire world,” he concluded.

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