Foxconn, a Taiwanese company and the world’s largest electronics manufacturer known for producing iPhones and other Apple products, has experienced remarkable success since shifting its operations from China to India. Encouraged by the Indian government’s ‘Make in India’ initiative, which offers subsidies, tax breaks, and other incentives, Foxconn seized the opportunity to invest in the country, despite challenges in China. The company’s initial investment of Rs 11,620 crore has grown significantly, with its business in India surpassing Rs 83,000 crore by 2024.
Foxconn’s Chairman, Young Liu, highlighted this achievement, stating, “As of last year, we have achieved over $10 billion (Rs 83,000 crore) in business, and we expect to do even more in the coming years.” He made this remark during the inauguration of a residential complex for women near Foxconn’s plant in Tamil Nadu.
Liu, who was honored with the Padma Bhushan award on the eve of Republic Day this year, is on his first visit to India since receiving the award. During this trip, he met with several state chief ministers and noted, “India is progressing, and Foxconn wants to be a part of this growth. We will move forward with India’s development.” His visit began with a meeting with Prime Minister Narendra Modi, where they discussed Foxconn’s investments in Tamil Nadu, Karnataka, and Telangana.
Tamil Nadu Chief Minister MK Stalin inaugurated the women’s residential complex, which spans 20 acres, costs approximately Rs 706 crore, and can accommodate over 18,000 female employees. Currently, about 48,000 employees work at Foxconn’s India plant, with 70 percent being women. The Tamil Nadu plant is now the largest employer of women in the country. Despite facing recent allegations of discrimination against married women, which the company denied, Liu emphasized that there is no gender discrimination at Foxconn and acknowledged the significant contributions of women, particularly married women, to the company’s success.
Foxconn has rapidly expanded its presence in India, with its main manufacturing plant in Tamil Nadu producing iPhones. The company is also investing in Karnataka and Telangana as it seeks to become a key player in India’s growing electronics manufacturing market and technology ecosystem. Officially known as Hon Hai Precision Industry Co., Ltd., Foxconn was established in 1974.
The company’s strategic decision to expand into India, along with other countries, was driven by a desire to reduce dependency on China and avoid supply chain disruptions. Additionally, rising labor costs in China further motivated Foxconn to shift its production base to India. The Indian government’s ‘Make in India’ initiative has been instrumental in attracting foreign investments, making it an attractive destination for companies like Foxconn looking to diversify their operations.
Read More: Click Here
