According to Union Minister for Railways, Electronics and IT, Ashwini Vaishnaw, Foxconn's continuous investment plans will make India a frontline nation in global manufacturing. Minister Vaishnaw met Foxconn CEO and Chairman, Young Liu, in New Delhi and appreciated the commitment of the company toward further strengthening the 'Make in India' initiative.
Taking to social media platform X, Vaishnaw mentioned Foxconn's contribution and said, "As we strive to make Bharat a global manufacturing hub, we feel thankful that Foxconn's Chairman, Young Liu, continues to bring in more and more investment plans."
Earlier, young Liu met Prime Minister Narendra Modi to discuss various opportunities in new fields like artificial intelligence, semiconductor manufacturing, and local electronics manufacturing.
In the Independence Day address, PM Modi reiterated the potential of India to turn 'Made in India' chip for every electronic device into reality. He added that whereas India earlier imported mobile phones, now the country has a well-built manufacturing ecosystem that firmly consolidates its position as a principal player in global manufacturing.
PM Modi further reiterated that semiconductors, coupled with advanced technologies such as artificial intelligence, will hold the key to the country's future. Work on the Indian Semiconductor Mission is already in progress, he asserted. Foxconn, the top Apple supplier, is leading India's iPhone exports with its factories in India contributing about 65% of its total production.
Young Liu, who was awarded the Padma Bhushan earlier this year, profusely thanked the Indian government for the recognition given to him.
Foxconn — which makes about 70 percent of iPhones worldwide — has hugely been expanding its local manufacturing capacity in India. It has pledged at least $1.54 billion toward funding its operations locally.
Apart from this, Foxconn is likely to invest another Rs 3,300 crore in its plant at Telangana, taking the total investment by the company in the state to over Rs 4,550 crore.
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