New Delhi, Jan 18 (IANS): Value of mobile phone component manufacturing industry in India under the Mobile Phased Manufacturing Programme (PMP) would cross Rs 70,000 crore in the financial year 2018-19, the Indian Cellular and Electronics Association (ICEA) said on Thursday.

According to the industry body, the Indian component industry has already achieved the market value of Rs 50,000 crore, which was targetted to be achieved by the financial year 2019-20.

"The Mobile PMP had set targets for 2020. The number of phones to be manufactured was set at 500 million out of which approximately over 290 million phones have been manufactured. The minimum value to be achieved was Rs 150,000 crores. Rs 165,000 crores approximately of the set value has already been achieved," the ICEA statement.

Commenting on the development, Pankaj Mohindroo, Chairman of ICEA: "The component manufacturing target of Rs 50,000 crore which was to be achieved by March 2020 has already been achieved. We have crossed the same in spite of lack of progress in some of the 2017 PMP components and that 2019 components have not yet been notified."

The critical target of generating employment of 15 lakhs new jobs, over 6.7 lakhs people have been employed since the inception of the PMP, the ICEA statement said.