New Delhi:       Foxconn’s investment in India has soared to $10 billion, significantly benefiting the ‘Make in India’ initiative and the Production-Linked Incentive (PLI) scheme. The Taiwanese manufacturing giant, a major Apple supplier, has invested $1.4 billion in India and is planning further expansion.

During his recent visit to India, Foxconn CEO and Chairman Young Liu met with Prime Minister Narendra Modi and various state officials to discuss investments in Tamil Nadu, Karnataka, and Telangana. Liu emphasized India’s potential as a global manufacturing hub and explored opportunities in emerging sectors such as artificial intelligence, semiconductors, and electronics.

Alongside Foxconn’s growth, Apple’s operations in India have reached a valuation of $23.5 billion for the last fiscal year (FY24). This highlights India’s role as a significant alternative to China and Vietnam for manufacturing. Apple reported nearly $8 billion in revenue from India in the previous fiscal year and achieved record export figures of approximately $3.8 billion in Q1 FY25.

The Karnataka government is advancing Foxconn’s $22,000 crore investment in an iPhone assembly plant in Bengaluru Rural, which is expected to generate over 50,000 jobs. Foxconn is also establishing a manufacturing facility for electric vehicle components in Bengaluru.

Telangana Chief Minister Revanth Reddy has invited Foxconn to invest in the Fourth City planned near Hyderabad, underscoring the city’s potential for industrial and service sector growth. Rahul Gandhi, Leader of Opposition in the Lok Sabha, also engaged with Liu to discuss future technological advancements.