India, which is the second-largest mobile phone producer in the world, is all set to reach $300 billion in electronics production by 2026, driven by the ‘Make in India’ and the production-linked incentive (PLI) scheme, the Centre said on Wednesday.

In 2014-15, 26 per cent of mobile phones sold in India were locally made, which rose to 99.2 per cent by December 2024

In 2014, India had just two mobile manufacturing units; today, it has over 300. The mobile phone exports surged from Rs 1,566 crore in 2014-15 to Rs 1.2 lakh crore in 2023-24, marking a 77-fold increase.

India's semiconductor ecosystem has gained significant momentum, with five landmark projects, with a total combined investment nearing Rs 1.52 lakh crore, receiving approval.

"As India moves towards a $300 billion electronics production target by 2026, its robust policies and skilled workforce are paving the way for sustained growth, positioning the nation as a key player in the global electronics and semiconductor industry," the Ministry of Electronics and IT said in a statement.

The manufacturing value of mobile phones has surged from Rs 18,900 crore in FY14 to a staggering Rs 4,22,000 crore in FY24. More than 325 to 330 million mobile phones a year are being manufactured in India, and on average, there are about a billion mobile phones in use in India.

As a result, India’s electronics sector is experiencing significant growth supported by various government initiatives meant to position the country as a global leader, said the ministry.

In a strong push to accelerate industrial growth, the government has significantly increased budget allocations for key sectors under the PLI scheme, reaffirming its commitment to strengthening domestic manufacturing.

The allocation for electronics soared from Rs 5,747 crore (revised estimate for 2024-25) to Rs 8,885 crore in 2025-26.

The country is set to witness its electronics exports surpass Rs 3 lakh crore for the first time this fiscal (FY25), driven by smartphones. As per the latest industry data, electronics exports reached Rs 2.87 lakh crore in the 11 months in FY25 (April-February), an impressive growth of 35 per cent from Rs 2.11 lakh crore in the same period last fiscal (FY24).

At Rs 1.75 lakh crore, smartphones continue to be the top contributor to electronics exports growth in the April-February period, according to industry data. It constitutes a 54 per cent jump over the corresponding figure for the same period of FY 2023-24.