India has surpassed China to become the world’s second largest mobile phone manufacturing country, with cumulative shipments of locally produced handsets crossing two billion during 2014-2022. A new report by Counterpoint Research said that domestic production is set to hit 270 million handsets this calendar year, compared with 250 million a year ago.
The report attributed India’s rise to a number of factors, including the government’s “Make in India” initiative, which has offered incentives to foreign companies to set up manufacturing plants in the country. The report also cited the growing demand for smartphones in India, which is the second-largest smartphone market in the world.
The rise of India as a mobile phone manufacturing hub is good news for the Indian economy. It is expected to create jobs and boost exports. It is also a sign of India’s growing technological prowess.
Here are some of the key reasons why India has surpassed China as the world’s second largest mobile phone manufacturing country:
- The government’s “Make in India” initiative has offered a number of incentives to foreign companies to set up manufacturing plants in the country, including tax breaks, land subsidies, and access to cheap labor.
- The growing demand for smartphones in India has created a large market for local manufacturers. India is the second-largest smartphone market in the world, with over 400 million smartphone users.
- The Indian government has also taken steps to improve the country’s infrastructure, such as building new roads and ports, which has made it easier for companies to transport goods and materials.
- The Indian manufacturing sector has become more competitive in recent years, with companies investing in new technology and improving their production processes.
The rise of India as a mobile phone manufacturing hub is a major milestone for the country. It is expected to create jobs, boost exports, and help India become a global leader in the electronics industry.
In addition to the factors mentioned above, the following are also contributing to India’s rise as a mobile phone manufacturing hub:
- The availability of skilled labor in India.
- The favorable business environment in India.
- The government’s focus on promoting innovation and entrepreneurship.
The future looks bright for India’s mobile phone manufacturing industry. The country is well-positioned to become a major player in the global market in the years to come.