New Delhi:
The positive impact of the Production Linked Incentive Scheme (PLI Scheme) being run by the central government under ‘Make-in-India’ is beginning to be seen. Taiwanese contract manufacturing company Foxconn’s business in India has grown to $10 billion by the last financial year. Apart from this, the value of Apple India’s operations has also increased to $23.5 billion in FY24. Globally, India is seen as an alternative to China and Vietnam for manufacturing.
Foxconn is one of Apple’s main suppliers globally. The company has so far invested $1.4 billion in India.
Huge growth potential in India: Foxconn CEO
Foxconn CEO and Chairman Young Liu says that the company sees a lot of potential for growth in India. The market here is growing rapidly. Foxconn will help develop India as a global manufacturing hub. Young Liu was on a visit to India last week. During this time he also met many big politicians. Prime Minister Narendra Modi was also among them, in which Foxconn’s investment in Tamil Nadu, Karnataka and Telangana was discussed. Apart from this, he met the Chief Ministers and Cabinet Ministers of these states.
Young Liu discussed several sectors in the meeting with PM Modi
In the meeting with PM Modi, Liu discussed many future sectors. This included Artificial Intelligence (AI), semiconductors, local electronic manufacturing, etc.
Union Minister Ashwini Vaishnav said that India is emerging as a hub of global manufacturing. We thank Foxconn Chairman Young Liu for his continued investment.
Telangana Chief Minister Revanth Reddy invited Foxconn to invest in Hyderabad. Foxconn’s chairman said that Hyderabad city has a lot of potential for development. Expansion is possible in all sectors including industrial and service sectors.
According to the Karnataka government, Foxconn is setting up an iPhone assembly plant in Bengaluru South district with an investment of Rs 22,000 crore. This will provide employment to more than 50,000 people.
Apart from this, Rahul Gandhi also met the chairman of Foxconn. They discussed future technology in India and the world.
Apple India exports $3.8 billion in the first quarter of 2024-25
The revenue of Apple’s Indian unit was $8 billion in the financial year 2023-24. In the first quarter of the financial year 2024-25, the company has exported goods worth $3.8 billion.
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Kanishk Singh has always had a keen interest in fast-paced cars. For the past three years, he has been writing about automobiles, but his fascination with cars dates back even further. He thoroughly enjoys learning about their features and expressing his thoughts through his writing. Kanishk also has a profound interest in the stock market, shares, and business strategies. He possesses a wealth of knowledge on these subjects and consistently writes articles on them. Currently, he is working as a writer for Lattestnews24, specifically focusing on the Automobile, Finance, and Business categories. His well-crafted words are highly appreciated by the readers, as they find them both informative and creative.