Smartphones Overtake Oil and Diamonds as India’s Top Export

A new chapter has begun in India’s export landscape. Traditionally dominated by petroleum products and diamonds, the top position has now been overtaken by smartphones in the 2024–25 financial year. According to government statistics, smartphone exports surged by 55 percent in this fiscal year, reaching $24.14 billion. This compares to $15.57 billion in the previous financial year and $10.96 billion in 2022–23.

Exports of smartphones from India to countries like the United States and Japan have risen significantly over the past three years. Exports to the United States increased nearly fivefold, growing from $2.16 billion in 2022–23 to $10.6 billion by 2024–25. Likewise, exports to Japan rose fourfold—from just $120 million to $520 million during the same period.

This remarkable growth has been largely attributed to the Production-Linked Incentive (PLI) scheme introduced by the central government. The scheme has played a crucial role not only in attracting foreign investment but also in boosting domestic manufacturing capacity and integrating Indian production into the global supply chain.

According to a report by Counterpoint Research, Apple and Samsung together accounted for a dominant 94 percent share of India’s smartphone exports in 2024. These tech giants have significantly invested in local manufacturing, which has been instrumental in positioning smartphones as India’s top export product. The report also noted that the supply of ‘Made in India’ smartphones increased by 6 percent year-on-year in 2024, further underlining the strength of India’s manufacturing sector on the global stage.