Foxconn’s India biz surges to $10 bn, Apple’s India operations at $23.5 bn in value
In a significant boost to India’s ‘Make in India‘ initiative and the Production-Linked Incentive (PLI) scheme, Taiwanese contract manufacturing giant Foxconn has seen its business in India soar to $10 billion through the last fiscal year.
Foxconn is a major Apple supplier globally and has invested 1.4 billion dollars in India to date, with more to come.
Meanwhile, Apple’s India operations have reached a substantial $23.5 billion in value for the fiscal year 2024, reinforcing India’s growing role as a viable manufacturing hub. These developments highlight India’s increasing attractiveness as an alternative to traditional manufacturing powerhouses like China and Vietnam.
Apple clocked nearly 8 billion dollars in revenue in India in the last fiscal year (FY24). Apple has achieved record export numbers of around 3.8 billion dollars in the April-June period (Q1 FY25) in the country.
According to Foxconn’s CEO and Chairman Young Liu, the company sees huge potential in the Indian market for its further growth. Hon Hai Technology Group (known as Foxconn) will help India become a global manufacturing hub.
Liu, who met several top leaders during his India visit last week, along with Prime Minister Narendra Modi, discussed Foxconn’s investments in Tamil Nadu, Karnataka, and Telangana. He also met chief ministers and state cabinet ministers of these states.
According to Union Minister for Railways, Electronics and IT and I&B, Ashwini Vaishnaw, as the country strives to make ‘Bharat’ a global manufacturing hub, “thanks to Foxconn’s Chairman Young Liu for his continued investment plans.”
In his meeting with PM Modi, Liu discussed several opportunities in “futuristic sectors” like artificial intelligence (AI), semiconductors, local electronics manufacturing, and more.
Foxconn is also setting up a manufacturing and assembly facility for mechanical components in EV applications (Project Cheetah). The company has leased private land in the Bengaluru district for this project.
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Hindu Gods will bless them for their investments