India is one of the world’s top tech markets. Many brands compete fiercely there to sell more products and outdo their rivals. Some companies even set up India-focused 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 assembled 2 billion smartphones, and 98% of them were for local customers. Here are the details…
India Emerges as a Global Tech Powerhouse
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 stuff to them. This can be risky. One way to fix this is to make more things, especially high-value tech products. And that’s exactly what India did with smartphones.
India recognizes the importance of technology and has been investing in it for a long time. The country 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 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. Moreover, it took India just two years to assemble the last 500 million smartphones This big step matches the “Make in India” plan that started in 2014 by Prime Minister Narendra Modi. The change is huge. In 2014, only 19% of phones were made in India, but by 2022, it was 98%.
Production is still increasing. We often tell you about technology companies investing in India. For example, we recently mentioned that Foxconn, which makes iPhones for Apple, will invest $600 million in India and create 13,000 new jobs. As such events increase, production in the country is expected to grow even more.
RELATED:
- RED MAGIC 8 Pro vs Asus ROG Phone 7 Ultimate: Specs…
- Mahindra e-Alfa Super Electric Rickshaw with practicality and utility launched in India
- Indian Smartphone Market Sees a Significant Shift In 2023, Premium Segment Thrives
- India’s laptop and tablet import restriction will be effective from November
- Foxconn Invests $600 Million, Creates 13,000 New Jobs in India to Expand Production Facilities
(via)
