Foxconn's Investments To Transform India Into A Global Manufacturing Hub: Ashwini Vaishnaw

Liu had previously met with Prime Minister Narendra Modi to explore artificial intelligence (AI), semiconductors, and local electronics manufacturing opportunities in India

Union Minister of Information & Broadcasting and Electronics & IT, Ashwini Vaishnaw, said on Friday that Hon Hai Technology Group's (Foxconn) investment plans will position India as a global manufacturing hub. The Minister made this statement following a meeting with Young Liu, the CEO and Chairman of Foxconn, in the national capital.

In a social media post on X formerly Twitter), Vaishnaw wrote, “As we strive to make Bharat a global manufacturing hub, thanks to Foxconn’s Chairman Young Liu for his continued investment plans.”

Liu had previously met with Prime Minister Narendra Modi to explore artificial intelligence (AI), semiconductors, and local electronics manufacturing opportunities. During his Independence Day address, Prime Minister Modi highlighted India’s potential to achieve the vision of creating a ‘Made in India’ chip for every device. 

He reflected on how, in the past, the country relied heavily on importing mobile phones, but today, India has developed a robust manufacturing ecosystem and has become a significant manufacturing hub.

PM Modi stressed the importance of semiconductors, modern technologies, and AI, stating that these areas are crucial to India’s future. He mentioned that the country has begun working on the Indian Semiconductor Mission to advance these technologies.

Foxconn, a major Apple supplier and the leading exporter of iPhones from India—accounting for approximately 65 per cent of the total iPhone exports from its Indian factories—is heavily investing in local manufacturing. The Taiwanese technology giant, which produces around 70 per cent of iPhones worldwide, plans to invest $1.54 billion to support its operational needs in India. 

Additionally, Foxconn will invest Rs 3,300 crore in its manufacturing facility in Telangana, increasing its total investment in the state to over Rs 4,550 crore.

Liu, who was awarded the Padma Bhushan in January this year, expressed his profound honour at receiving the prestigious award from the Indian government.