APRIL 20249TOP STORIESMOBILE PHONE MANUFACTURING LEAP 21 TIMES TO RS 4.1 LAKH CR IN 10 YEARS: ICEAMobile phone manufacturing leaped 21-crease to Rs 4.1 lakh crore in India over the most recent 10 years as government strategy estimates like PLI assumed a basic part in drawing in worldwide players to support local production, industry body ICEA added.India presently creates 97 percent of its complete cell phone request locally and 30 percent of the absolute creation in monetary year 2024 is intended for export, the India Cellular and Electronics Association said."Mobile phone production surged from Rs 18,900 crore in 2014-15 to an estimated Rs 4,10,000 crore in FY'24, registering an increase of 2000 per cent. In 2014-15, mobile phone exports from India were a mere Rs 1,556 crore. The industry expects to end FY24 with an estimated export of Rs 1,20,000 crore. This would mean a 7500 per cent increase in exports over a decade," ICEA said.As per a note on manufacturing, in the field of cell phones, Apple and Samsung, play had a significant impact in supporting cell phone trades from the country. India made gadgets are being traded in huge volumes to the UK, Netherlands, Austria, and Italy other than Center East and North Africa and South American business sectors, the note said."30 percent of production in FY'24 will now be meant for exports. The industry expects to end FY'24 with an estimated export of Rs 1.2 lakh crore. Driven by this export growth, mobile phones have now become India's 5th largest export as an individual commodity," the industry body said. INDIA-EFTA TRADE PACT TO ENHANCE TRADE AND INVESTMENTS: INDUSTRY BODIESThe conclusion of the recent free trade agreement between India and EFTA (European Free Trade Association) is customarily associated with a rise in trade and investments, particularly in the engineering, pharmaceuticals, food processing, and apparel sectors, according to the views of industry specialists. Concluding the TEPA on Sunday with the EFTA bloc (Switzerland, Norway, Iceland, and Liechtenstein) saw a major USD 100 billion investment commitment from India. The commitment, to be reached in 15 years, is expected to offer one million new jobs in India. Sakthivel, President of Tirupur Exporters Association, indicated that the SALT agreement could open the doors to bilateral trade and improve the apparel export performance of Indian exporters. To illustrate this, he highlighted the fact that the commitment would equally help the local industries to improve in quality and efficiency. CII President R Dinesh acclaimed the fact that EFTA members had committed a significant investment, which he viewed as a unique chance that would stir growth of various sectors including plant, medicine, food processing, and clothing. The agreement will most likely be the basis of reciprocal economic relations and will be an engineer of Indian industrialization drive.
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