A jump in the shipment of mobile phones has led to an increase in exports of electronics, which have surpassed readymade textiles, a longstanding pillar of Indian exports.
According to the most recent data from the department of commerce, electronics exports increased by almost 50% to $23.6 billion in 2022–2023 alone. The export of ready-to-wear clothing increased by just a little over 1% to $16.3 billion over the previous fiscal year.
Thanks to the widespread sale of generic medications, electronics ranked as the sixth-largest item in the basket, just slightly below the $25.4 billion in drugs and pharmaceuticals, one of India’s main exports. Over $11 billion is reportedly exported in mobile phone sales. Its shipments became the eighth-largest item, surpassing those of cotton, yarn, fabrics, made-ups, and handloom products as well as plastics.
Due to more mobile phones, especially expensive ones made by Apple, being produced in India recently, exports of electronics have increased. However, because imports were much larger than exports, India continues to be a net importer of the product. However, the administration can find solace in the fact that the disparity is closing. Additionally, as stated by government representatives, some electrical products must be imported in order to satisfy the needs of the IT and IT-enabled services sector.
According to the statistics, electronics products were the second-largest category of imports in the country last year, increasing by about 5% to $77.3 billion. basket. Coal surpassed gold and machinery to become the third-largest imported good, driven by a spike in costs following the conflict in Ukraine and the need for the power sector. Imports of coal increased by 57% to $49.7 billion.
India’s import bill was primarily made up of energy, with petroleum imports amounting to about $210 billion. Coal and petroleum made up more than 36% of India’s $714 billion import bill in 2022–2023 compared to 31% the year before. Fertiliser imports increased by 21% to $17.2 billion as a result of higher prices, albeit they did not rank among the top 10.
