New Delhi
In a significant boost to India’s ‘Make in India’ initiative and the production-linked incentive (PLI) scheme, Foxconn, the Taiwanese contract manufacturing giant, has seen its business in India soar to $10 billion in the last fiscal year. Meanwhile, Apple’s operations in India reached $23.5 billion in FY24, solidifying India’s growing role as an alternative manufacturing hub to China and Vietnam.
Foxconn, a key supplier for Apple globally, has invested $1.4 billion in India so far, with plans for further expansion. Foxconn CEO and Chairman Young Liu, who visited India recently, expressed strong confidence in India’s potential for growth, stating that Hon Hai Technology Group (Foxconn) aims to help India become a global manufacturing hub.
During his visit, Liu met with Prime Minister Narendra Modi and discussed Foxconn’s investments in Tamil Nadu, Karnataka, and Telangana. The discussions also explored opportunities in advanced sectors like artificial intelligence, semiconductors, and local electronics manufacturing.
Telangana Chief Minister Revanth Reddy invited Foxconn to invest in the upcoming Fourth City near Hyderabad, emphasizing the city’s potential for industrial and service sector expansion. In Karnataka, Foxconn’s iPhone assembly plant, with a ₹22,000 crore investment, is progressing well and is expected to create over 50,000 jobs.
Foxconn is also establishing a facility for manufacturing mechanical components for electric vehicles in Bengaluru, further expanding its footprint in India. Apple, on the other hand, recorded nearly $8 billion in revenue in India for FY24, achieving record exports of approximately $3.8 billion in Q1 FY25.
