Indian’s mobile phones sector is likely to face a loss to the tune of Rs 15,000 crore. Due to an impact of coronavirus, lock down in the country. The companies are also facing problems in shipping ready products in the overseas market due to the present crisis.
“The industry is likely to face a loss of around Rs 15,000 crore, due to lockdown. This is based on the present situation. We are speaking to our members and approaching the government to mitigate the impact. ” India Cellular and Electronics Association chairman Pankaj Mohindroo told.
Xiaomi, which leads India’s smartphone market, announced work from home for all 30,000 people engaged in its project even before the lockdown was announced.
An executive of the Indian mobile phone company said that small companies, in the sector are facing loses of Rs 5-6 crore per day and it is higher for bigger companies.
“The indian mobile, hit by the impact of coronavirus since December. Earlier, the business suffered due to supply of components, from China. Small firms are facing loss of Rs 5-6 crore per day,” the executive said.
The production of mobile phones in the country stood at around Rs 1.7 lakh crore in 2018-19 and the domestic demand is almost completely out of domestic production PRS MKJ.