India proved it can assemble. Now it must own more of the value chain.


 India proved it can assemble. Now it must own more of the value chain.

I’m looking to buy a new phone.

While going down that rabbit hole, I stumbled on something wild. India is now the world’s 3rd largest mobile phone exporter. From just $200 million in 2017 to $20.5 billion in 2024. It’s more than numbers, it’s a signal of what’s changing.

> Apple started moving production here.
> The PLI scheme did more than offer subsidies, it sent a message.
> And for the first time ever, India exported more phones to the US than China.
This is a big win, but "Picture Abhi Baaki hai mere dost!"
We still import most components and that’s the real opportunity now: BUILD THE FULL ECOSYSTEM
Here’s what that looks like:
1) Components like batteries, PCBs, chargers mostly still imported, so opportunity lies in manufacturing domestically.
2) Tamil Nadu, Uttar Pradesh, Karnataka, and Andhra Pradesh are emerging as serious manufacturing zones.
3) Midsized EMS players have unique window to plug into global supply chains as companies diversify dependencies
4) Logistics are also crucial, we can lead by building advanced, time-sensitive supply chains for high-value exports like smartphones.
5) Testing, QA, after-sales services, as exports grow, reverse logistics and quality compliance become billion dollar plays.
6) As volumes grow, recycling, refurbishing, and full-stack integration create space for new companies to own the value chain.
India proved it can assemble. Now it must own more of the value chain.

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Waheguru

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