Anil Swarup writes: Amidst India’s modern economic saga, ‘Make in India’ stands as a resplendent thread, weaving progress and aspiration, since its introduction on September 25, 2014, to strengthen India’s economic landscape. However, with the pull-out of Foxconn’s $19 billion semiconductor joint venture with Vedanta last July (Foxconn announced a semiconductor JV with HCL in January 2024) and the latest debates on the program, it is worth examining its impact.
Taiwanese contract manufacturer Foxconn plans to invest $1.54 billion in India, as the country doubles down on local manufacturing. In a stock exchange filing, Foxconn said that the investment will help it fulfil “operational needs.” The company, however, did not provide further details. Foxconn is the main assembler of Apple iPhones and both companies are keen to move away from China and create alternative supply chains.
In a major setback to Prime Minister Narendra Modi’s plans of making India a chip-manufacturing hub, Taiwanese chip-making giant Foxconn on Monday announced that it has withdrawn from a joint venture with India-based industrial giant Vedanta.
With Tata Electronics now hogging the limelight for iPhone manufacturing in India, industry experts on Monday said that with their ambition on semiconductors and EVs, it only makes sense for the Tata Group to gain expertise in manufacturing high-end iPhones in the country. Currently, iPhone 12 and iPhone SE (second generation) are being manufactured/assembled at Taiwan-based iPhone manufacturer Wistron’s Karnataka factory, which Tata Electronics is set to take over soon.
With Apple eyeing to ramp up manufacturing in India amid Covid-related supply chain issues in China, the Yamuna Expressway Industrial Development Authority (YEIDA) said on Wednesday that some of Apple suppliers have applied for land with the authority, with a proposed investment of ₹2,800 crore while generating thousands of jobs.
