OREANDA-NEWS In October 2024, Indian smartphone exports grew by 70 percent and updated historical records. This is reported by TASS with reference to the Indian Cellular Communications Association (ICEA)

In the second month of autumn, smartphone shipments exceeded two billion dollars — 23 percent higher than in May (then shipments totaled a record 1.78 billion dollars), and 70 percent higher year-on-year. The figures for the month were the highest for the South Asian republic, which indicates India's increasing weight in global supply chains of mobile devices, representatives of the association said.

Since the beginning of the current fiscal year, shipments of Indian smartphones have exceeded $10.6 billion (plus 37 percent year-on-year). Record export figures were achieved thanks to gadgets manufactured by Indian enterprises of the American company Apple and its business partners Foxconn, Pegatron and Tata Electronics.

At the Indian-Russian Business Forum in Mumbai, Indian Foreign Minister Subramanyam Jaishankar called for an urgent correction of the trade balance between Russia and India. He estimated the current volume of bilateral trade at $66 billion, and called the goal of $100 billion more than realistic. Russian importers should actively buy goods from India, the minister noted, for this it is necessary to eliminate non—tariff barriers and regulatory obstacles as soon as possible.

The imbalance in bilateral trade between Russia and India is achieved due to the fact that the main export item for Moscow is oil, which also accounts for most of the growing trade turnover. The rest of the goods are in demand in a much smaller volume.