China may be worried after seeing the data from the Economic Survey of India.
The Economic Survey of India has been presented. In this survey, India has presented GDP and inflation data of various sectors. On the other hand, the Government of India has presented such data in the Economic Survey, which may surprise China. These data are related to the electronic sector and also the mobile segment. If we categorize in this also, the government has presented the manufacturing and export figures of Apple, which may surprise and worry China. Let us try to understand from the report what kind of figures have appeared in the Economic Survey that are enough to worry China.
The figures were as follows.
According to information provided in the Economic Survey 2023-24, US smartphone firm Apple assembled 14 per cent of the world’s iPhones in India in the financial year 2023-24 and the country’s ranking in global electronics exports improved by four places. In the economic review presented in Parliament by Finance Minister Nirmala Sitharaman on Monday, it was said that in the electronics sector, the mobile phone segment has shown the maximum growth. Exports to the US increased from $2.2 billion in fiscal year 2022-23 to $5.7 billion in 2023-24.
Citing third-party data, the Economic Survey said that during the financial year 2023-24, Apple assembled iPhones worth $14 billion in India, accounting for 14 per cent of its global iPhone production. It said Foxconn started production of Apple mobile phones in Karnataka and Tamil Nadu. Prior to this, China had a monopoly on Apple manufacturing and export.
India’s ranking improved
According to the Economic Survey, India’s share in global electronics exports increased from 0.63 per cent in 2018 to 0.88 per cent in 2022. Thus, India’s export (rank) in global electronics exports increased from 28th in 2018 to 24th in 2022. The share of electronics in India’s merchandise exports increased from 2.7 per cent in fiscal year 2018-19 to 6.7 per cent in 2023-24. It said that India’s electronics manufacturing sector has witnessed significant growth since 2014 with an estimated 3.7 per cent share of the global market in fiscal year 2021-22. In the same financial year, the industry contributed four per cent to India’s total gross domestic product.
Increase in everything from production to employment.
The survey said domestic production of electronics products increased significantly to Rs 8.22 lakh crore, while exports rose to Rs 1.9 lakh crore in the financial year 2022-23. India has emerged as an attractive destination for investment in this sector. Adequate manufacturing capacities have been established in the country over the last five years. The review cited a study by the Centre for Development Studies, which shows that there has been a significant increase in domestic value addition (DVA), employment, wages and salaries in the mobile manufacturing sector since the financial year 2016-17.
The Economic Survey said the DVA’s share in mobile phone production has increased from an average of 8.7 per cent in FY 2016-17 to FY 2018-19 (Phase 1) to 8.7 per cent in FY 2019-20 to FY 2021-22 (Phase 2) and increased to 22 per cent, indicating a significant rise in local share.
