India becomes second-largest mobile manufacturer; production crosses 2 billion
Image Credit: business today
The 'Make in India' initiative has played a pivotal role in the growth of India's mobile phone industry. From 2014-2022, shipments soared past two billion units, marking a 23% compound annual growth rate (CAGR). According to Counterpoint Research, India is now the second-largest mobile-producing nation in the world. This can be attributed to high domestic demand, increased digital literacy, and strong government support.