Statsguru: Story of the home-made handset and India's upward mobility

Analysis of data from the International Trade Centre shows that India registered a compounded annual growth rate of 143 per cent between 2017 and 2022

Ishaan Gera | New Delhi
Last Updated at December 11, 2022 18:55 IST

India’s meteoric rise over the last five years remains unmatched by any other economy

One of the major objectives of the Indian government has been to boost electronics exports and reduce dependence on imports. Electronics exports have increased 1.9 times over the past decade, from $10.9 billion in FY13 (2012-13) to $20.2 billion in FY22 (2021-22). For the first six months in FY23, exports of consumer and industrial items at $13 billion were higher than the exports for FY19 (chart 1). But imports grew faster. A 2.1-times increase in imports led to the trade deficit widening from $19 billion in FY13 to $42 billion in FY22. In the first half of FY23, India’s trade deficit in electronics items was at $21 billion (chart 2).

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