According to the latest report released by the market research agency Counterpoint Research, during the period 2014-2022, driven by the “Make in India” development plan, India has sold more than 2 billion phones. CAGR of 23%.
The report believes that the main reasons for this growth include the huge demand within the Indian market, the improvement of digital literacy of Indian consumers, and the Indian government’s support, so India has become the world’s second-largest phone producer.
India has launched several schemes and initiatives such as Phased Manufacturing Program (PMP), Make in India, Production Linked Incentive (PLI) and Atma-Nirbhar Bharat (Self-Reliant India) to increase local manufacturing and value addition.
According to Tarun Pathak, director of research, India has made great strides in manufacturing mobile devices. When the current government took over in 2014, only 19% of phones were locally manufactured in India; by 2022, more than 98% of shipments in the overall Indian market will be “Made in India”.
