Schedule a Call Back
Foxconn CEO highlights India’s rising role in manufacturing
Industry News- Sep 08,23
During an interview with journalists in Taipei, the head of the Taiwanese electronics manufacturing giant expressed his views on India's potential stating, "The development possibilities in India are truly enormous."
Young Liu, Chairman and CEO of Hon Hai Technology Group (Foxconn), recently emphasised India's growing significance in the world of manufacturing. His remarks contribute to a global consensus recognising India's ambitious efforts to establish itself as a prominent hub for electronics and high-tech production.
During an interview with journalists in Taipei, the head of the Taiwanese electronics manufacturing giant expressed his views on India's potential. Liu underscored the vast opportunities presented by India's burgeoning ecosystem and industrial chain, stating, "The development possibilities in India are truly enormous."
Liu confidently asserted, "Unless there are significant changes, India will unquestionably become a pivotal player in the global manufacturing landscape." Drawing a comparison, he pointed out that it took China three decades to establish its complete supply chain ecosystem. However, he believes that India's journey will be expedited due to the lessons learned and shorter timeframes. He also acknowledged the evolving technological landscape, with advancements like AI and generative AI shaping the industry.
Earlier this year, during the SemiconIndia 2023 event, Foxconn expressed optimism about India's semiconductor roadmap and reaffirmed Taiwan's commitment to being India's most reliable partner.
Liu emphasised that India's recent reforms and policies have opened up substantial opportunities for the growth of the entire electronics manufacturing ecosystem, as he conveyed during a media briefing in Taipei.
India has been actively enticing global IT and electronics giants with favourable policies and incentive programs, positioning itself as a global centre for high-tech manufacturing. Leveraging its skilled workforce, vibrant market, and supportive policies, India aims to attract significant investments in electronics, semiconductor production, and global value chains.
Notably, a diverse group of 40 companies, including industry leaders such as Foxconn Group, HP, Dell, and Lenovo, have applied for incentives under India's Production Linked Incentive (PLI) IT hardware scheme, focusing on manufacturing laptops, PCs, and servers.
Foxconn has also indicated its readiness to invest billions of dollars in India if its plans are fully realised. Liu mentioned during Foxconn's second-quarter earnings call in August that the company's Indian branch achieved an annual turnover of nearly USD 10 billion, underlining the immense investment potential in India.
Source: Business Standard
Related Stories
Auto & Auto Components
Suzuki, Maruti to establish Osamu Suzuki Centre of Excellence in India
The centre aims to uphold Suzuki’s legacy of promoting efficiency, fairness, and inclusivity in manufacturing.
Read moreRailways
TRSL and BHEL inaugurate Vande Bharat Sleeper Train production line
With a total value of around Rs 240 billion including long-term maintenance of 35 years, the project is among the significant initiatives being undertaken under our Hon’ble Prime Ministers Make i..
Read moreProcess Equipment
Jindal (India) Limited receives PCOC Certification for ERW Pipes
The certification boosts Jindal (India) Limited’s ability to cater to the industrial and infrastructure sectors in the Middle East country.
Read moreRelated Products
Geared Electric Motors
ELECTRICAL & ELECTRONIC EQUIPMENT
Delco Fans Pvt Ltd offers single phase capacitor run and three
phase geared Instrument motors, totally enclosed face/foot mounted.
“Kusam-Keco” Partial Discharge Acoustic Imager - Model - Km-pdai
ELECTRICAL & ELECTRONIC EQUIPMENT
‘Kusam-Meco’ has introduced a new “Partial Discharge Acoustic Imager Model KM-PDAI.
78 Series Din Rail Terminal Blocks
ELECTRICAL & ELECTRONIC EQUIPMENT
Werner Electric Private Limited offers a wide range of 78 series din rail terminal blocks.
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
