New Delhi, Sep 19 (IANS) India exported mobile phones worth over $1 billion in April-July of FY20, said Pankaj Mohindroo, Chairman of the India Cellular And Electronics Association (ICEA), here on Thursday.
"Handset exports during the first four months of FY20 crossed $1 billion showing a promising growth to reach the Rs 25,000 crore ($3.6 billion) target in FY20," said Mohindroo.
In fact, mobile handset exports in April-July of FY20 over the year-ago period shows a staggering 350 per cent growth.
For the first time, exports of mobile handsets at Rs 11,200 crore ($1.6 billion) were higher than imports at Rs 10,000 crore ($1.4 billion) in FY19, said ICEA statement quoting Mohindroo.
"Mobile handset exports have been growing at a fast pace with exports clocking Rs 11,200 crore in 2018-19 from near zero in FY16," the statement read.
The ICEA President said the growth of overall electronics export basket was stagnant in the past five years, until mobile handset exports picked up pace in FY19 and contributed nearly 20 per cent of the basket in value terms.
Apart from pick-up in exports of mobile handsets in FY19 and so far in FY20, there had not been any notable growth in any other electronics product vertical, Mohindroo said.
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