A meeting was held between Prime Minister Narendra Modi and Young Liu, CEO and Chairman of Hon Hai Technology Group, popularly known as Foxconn. The discussion was for initiating work in the high-end areas of artificial intelligence, semiconductor technology, and electronics manufacturing at home ground. Foxconn is a leading supplier for Apple, and with its local manufacturing facility, accounts for around 65% of the total iPhone exports out of India.
In a post on X, PM Modi wrote that he was "delighted" to meet Liu and underlined the "tremendous opportunities" India presents in "high-tech industries". He added their discussion also touched upon Foxconn's investment intentions in various states of the country such as Karnataka, Tamil Nadu, and Andhra Pradesh. Liu was conferred the Padma Bhushan by the Indian government in January; he expressed gratitude for the award.
Foxconn, which manufactures about 70% of all iPhones in the world, takes big bets on local manufacturing in India. The company has also said that tremendous opportunities opened up by the government reforms and policies added to the growth of the electronics manufacturing sector and India's position in the future of manufacturing. It is going to invest USD 1.54 billion in the country for its operational requirements.
Its facility in Tamil Nadu for production of iPhones employs more than 40,000 and has also promised to invest Rs 1,600 crore in a new plant for electronics components that would create more than 6,000 jobs. Foxconn will also infuse Rs 3,300 crore into its manufacturing facility in Telangana, taking its total investment in the state to more than Rs 4,550 crore. In the past decade, there has been a surge in electronic goods exports from India. Now, the country targets touching $300 billion in total electronics production by FY2026.
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