Investment in mobile phone manufacturing under the PLI scheme as well as production has surpassed the targets, Electronics and IT Secretary S Krishnan said on Wednesday.
Addressing reporters on the completion of 10 years of Make In India initiative, the official said the overall production of electronics in India has increased to ₹9.52 lakh crore with an annual compounded growth rate of 17.4 per cent from ₹1.9 lakh crore in 2014-15, he said.
"If you look at what the PLI scheme has done in the mobile sector, the overall production we have reached is far in excess of the target. We have reached ₹6.61 lakh crore is the total value of production, well above the target that has been set. The overall investment has been ₹9,100 crore, which is again well above the target," Krishnan said.
The government had set a target of ₹7,000 crore cumulative investment during the five-year scheme period and ₹5,488 crore till 2023-24, according to official data.
The mobile PLI scheme set a target to achieve cumulative production of ₹4.39 lakh crore in 2023-24 and ₹8.12 lakh crore during the 5-year scheme period till FY 2026.
"There is a substantial uptick in the exports of mobile phones. It was about ₹1.2 lakh crore into 2023-24 and the exports have actually increased 77 times from what it was in 2014-15.
“In 2014-15, we exported mobile phones worth about ₹1,566 crore . Today we are exporting mobile phones worth about ₹1.2 lakh crore. It's a remarkable jump. This is where the Make in India program has been truly successful," Krishnan said.
He said the total employment achieved has been 1,22,613 under the mobile PLI scheme which is more than the original target.