India replaces China in US smartphone supply chain, captures 40% share: Report

New Delhi: India has emerged as a key supplier of smartphones to the United States, meeting about 40% of the demand that was earlier fulfilled by China, according to a recent report by McKinsey & Company.

The report highlighted that the United States has been actively diversifying its import sources and managed to replace about two-thirds of the goods it previously sourced from China, valued at more than USD 80 billion. India and ASEAN economies have played a significant role in this shift.