Foxconn, Apple get PLI boost in India

Futuristic Sectors

♦ Foxconn keen on AI, semicon

♦ Local electronics mfg

♦ Apple clocked $8-bn revenue in FY24

♦ Also it achieved record $3.8-bn export in Q1/FY25

New Delhi: In a big boost to the ‘Make in India’ initiative, especially the production-linked incentive (PLI) scheme, Taiwanese contract manufacturing giant Foxconn’s business in India has surged to $10 billion till last fiscal.

On the other hand, Apple’s India operations reached $23.5 billion in value in the last fiscal (FY24), further cementing the country’s position as a viable alternative to China and Vietnam when it comes to manufacturing. Foxconn is a major Apple supplier globally and has invested $1.4 billion in India to date, with more to come.

According to Foxconn’s CEO and Chairman Young Liu, the company sees a huge potential in the India 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 NarendraModi, 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, AshwiniVaishnaw, 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. Meanwhile, Telangana Chief Minister Revanth Reddy also invited Foxconn to invest in the Fourth City planned near Hyderabad. The Foxconn Chairman said that Hyderabad city has immense potential to expand in all sectors, including industrial and service sectors.