India is one of the world’s top technology based markets. Many brands compete there to sell more products and outdo their rivals. Some companies even set up India-focus sub-brands, like Realme and Poco, to get ahead in the race.
But India’s significance isn’t just about sales numbers.
Big companies like Apple, Xiaomi, Oppo, and Qualcomm use India for manufacturing.
This seems to work well for the country.
Because in 2022, India assemble 2 billion smartphones, and 98% of them were for local customers.
Before we talk about India’s achievements in smartphones, let’s understand what a current account deficit is.
It’s when a country spends more on buying things from other countries than it earns from selling its own product to them.
This can be risky.
One way to fix this is to make more things, especially high-value tech products.
And this is what exactly India did with smartphones.
India recognizes the importance of technology and has investing in it for a long time.
India is keen on attracting foreign investors and offers various incentives to lure manufacturers.
After the shift of production from China due to Covid-19, India’s position in Asia has become even stronger.
Now, it’s very clear that the country has become a major player in the global smartphone market.
According to recent data from Counterpoint, from 2014 to 2022, India made and sent out 2 billion of its own smartphones.
It took India just two years to assemble the last 500 million smartphones.
This big step matches the “Make in India” plan that start in 2014 by Prime Minister Narendra Modi.
This change is huge.
In 2014, only 19% of phones were made in India, but by 2022, it was 98%.
Production is still increasing.
Rahul Ram Dwivedi (RRD) is a senior journalist in 2YoDoINDIA.
NOTE : Views expressed are personal.