New Delhi, Mar 7 (IANS): India is close to achieving the target of Rs 20 lakh crore worth mobile phone production in the last 10 years, while crossing Rs 1.20 lakh crore worth phone exports in the current fiscal year (FY24) -- a whopping 7,500 per cent increase in exports over a decade -- top electronics industry body India Cellular and Electronics Association (ICEA) said on Thursday.

The industry had set itself a target of Rs 20 lakh crore worth mobile phone production over the last 10 years (2014-2024).

"It finished the decade at Rs 19,45,100 crore cumulative production. In terms of volume, India produced 2.45 billion units of mobile phones during the last decade, against a goal of 2.5 billion units," according to the ICEA.

At the end of the decade (2014-2024), India now stands as the world's second largest producer of mobile phones, and 30 per cent of production in FY24 will now be meant for exports.

The mobile phone sector has transitioned from being 78 per cent import dependent in 2014 to 97 per cent self-sufficient and just 3 per cent of the total mobile phones sold in India are now imported.

In 2014-15, mobile phone exports from India were a mere Rs 1,556 crore.

"It is believed that the doubling of India's GDP from the current $3.7 trillion to $7 trillion by 2030 will be led by growth in the digital sector and trade. In both these areas, electronics manufacturing led by mobile production will play a critical role," said Pankaj Mohindroo, Chairman, ICEA.

Mobile phone production also surged from Rs 18,900 crore in 2014-15 to an estimated Rs 4,10,000 crore in FY24, registering an increase of 2,000 per cent, said the ICEA.

Cumulative exports of mobile phones during the period 2014-24 reached a total estimate of Rs 3,22,048 crore - a new era in India's exports.

Driven by this export growth, mobile phones have now become India's fifth largest export as an individual commodity.

This exponential growth in production, exports and self-sufficiency stems from a conducive policy environment, and a close working relationship between industry and key government ministries such as MeitY, DPIIT, Ministry of Commerce, Ministry of Finance, NITI Aayog and the Prime Minister's Office (PMO).

"Initiatives such as phased manufacturing programme (PMP) announced in 2017 and production-linked incentive (PLI) announced in 2020 have been critical in this leap to help transform India from an import-dependent nation to an economy which will export 30 per cent of its total mobile production in the current financial year," said the industry body.