According to Union Minister Ashwini Vaishnaw for Railways, Electronics, IT, and I&B, the investment plans by Hon Hai Technology Group, better known as Foxconn, will aid in India’s transformation into a worldwide manufacturing hub. This was said on Friday.
In the nation’s capital, the Minister had a meeting with Foxconn Chairman and CEO Young Liu.
“As we strive to make Bharat a global manufacturing hub, thanks to Foxconn’s Chairman Young Liu for his continued investment plans,” Minister Vaishnaw said in a post on the social media platform X.
Liu previously spoke with Prime Minister Narendra Modi on a number of prospects in “futuristic sectors,” including semiconductors, local electronics manufacturing, artificial intelligence (AI), and more.
During his Independence Day speech, Prime Minister Modi stated that the nation might realize the goal of creating a “Made in India” chip for each piece of machinery.
The Prime Minister emphasized that although we used to import cell phones, we have now established a manufacturing ecosystem in the nation, and India has become a major hub for manufacturing.
Artificial intelligence, semiconductors, and current technologies are “inextricably linked to our future and we have started working on the Indian Semiconductor Mission,” according to Prime Minister Modi.
With its manufacturing located in the nation, Foxconn, a major supplier to Apple, accounts for around 65% of the nation’s total iPhone exports.
After receiving the Padma Bhushan from the Indian government in January of this year, Liu expressed his gratitude, calling it a “deeply honoured” moment.
Foxconn, which produces around 70% of iPhones worldwide, is making significant investments in domestic production in the nation.
The contract manufacturer from Taiwan intends to invest $1.54 billion in the nation to support its “operational needs.”
The business plans to invest an extra Rs 3,300 crore in Telangana’s manufacturing facilities. With this, the company’s overall investment in the state will surpass Rs 4,550 crore.
