India Electrical Equipment Trade
Electrical machinery and equipment has emerged as India's fastest-growing export category in recent years, driven by a combination of government policy (PLI schemes), global supply chain diversification away from China, and rising domestic manufacturing scale. The category covers everything from mobile phones and solar cells to switchgear, cables, and industrial motors.
The mobile phone manufacturing story is the clearest example of policy-driven export success. Apple began producing iPhones in India through Foxconn and Tata Electronics, and Samsung has a large facility in Noida. India's smartphone exports crossed $15 billion in FY 2023-24, up from near-zero five years ago. PLI incentives worth ₹12,000 crore played a central role in attracting these manufacturers.
On the import side, India remains heavily dependent on Chinese electronics — consumer gadgets, components, and chips. The import bill for electronics is one of India's largest after crude oil and gold, reflecting a structural gap between domestic manufacturing capability and demand.
| Year | Exports | YoY | Imports | YoY | Balance |
|---|---|---|---|---|---|
| FY 2025-26 | $21.6B | -50.9% | $41.9B | -52.7% | $20.3B |
| FY 2024-25 | $44.0B | +28.0% | $88.6B | +11.7% | $44.5B |
| FY 2023-24 | $34.4B | +20.3% | $79.3B | +17.2% | $44.9B |
| FY 2022-23 | $28.6B | +41.8% | $67.6B | +8.2% | $39.0B |
| FY 2021-22 | $20.2B | +42.0% | $62.5B | +33.8% | $42.3B |
- →Fastest growing India export category in FY 2024-25 (+28% YoY)
- →iPhone/smartphone exports alone crossed $15B in FY 2023-24
- →PLI scheme for electronics (₹12,000 crore) catalysed the boom
- →Solar cell/panel exports growing as India scales renewable manufacturing
- →China remains dominant supplier of electronic components and chips
The PLI beneficiaries are directly exposed to this export growth — Dixon Technologies, Kaynes Technology, Syrma SGS, and Amber Enterprises are the listed contract manufacturers. Apple supply chain plays (Tata Electronics is unlisted; component suppliers like Jabil's India operations). The solar segment benefits WAAREE, Vikram Solar (IPO stage), and Premier Energies.