Foxconn, one of Apple’s major manufacturing partners, has announced plans to invest $1.5 billion in India. This investment is part of Foxconn’s growing expansion plan, following a surge in revenues in the South Asian market.
The Taiwanese electronics contract manufacturer, also known for making Apple’s iPhone smartphones, is expanding its business to India as it looks to operate beyond China. The investment will help Foxconn fulfill operational needs.
This move is seen as a significant push to Apple’s ‘made in India’ plans. It is part of a quiet and gradual production shift by Apple away from China. The investment is expected to add some 6,000 jobs at the Sriperumbur plant in Tamil Nadu state.
The investment is expected to take place over the course of three years. Some of Apple’s other iPhone models, made by Foxconn in China, will be made at the plant.
This development is likely to boost Prime Minister Narendra Modi’s flagship “Make In India” drive, aimed at creating new jobs. Building more phones in India will also help Apple save on import taxes that further push up its prices.
Foxconn’s planned investment in India is a significant move in the global tech industry. It not only strengthens India’s position as a manufacturing hub but also signals a shift in the global supply chain.
