New Delhi, Aug 16 (IANS) The investment plans by Hon Hai Technology Group (known as Foxconn) will help India become a global manufacturing hub, Union Minister for Railways, Electronics and IT and I&B, Ashwini Vaishnaw, said on Friday.
The Minister met Young Liu, Chief Executive Officer and Chairman of Foxconn, in the national capital.
In a post on social media platform X, Minister Vaishnaw said: “As we strive to make Bharat a global manufacturing hub, thanks to Foxconn’s Chairman Young Liu for his continued investment plans.”
Liu earlier met Prime Minister Narendra Modi and discussed several opportunities in “futuristic sectors” like artificial intelligence (AI), semiconductors, local electronics manufacturing and more.
In his Independence Day address to the nation, PM Modi said that the country has the potential to fulfil the dream of developing a ‘Made in India’ chip for every piece of equipment.
The Prime Minister emphasised that there was a time when we used to import mobile phones but today, we have created a manufacturing ecosystem in the country and India has emerged as a big manufacturing hub.
Semiconductors, modern technologies and artificial intelligence are “inextricably linked to our future and we have started working on the Indian Semiconductor Mission,” said PM Modi.
A key Apple supplier, Taiwanese technology giant Foxconn leads the total iPhone exports from the country, at about 65 per cent, from its factory in the country.
Liu was conferred the Padma Bhushan in January this year, and said that he was “deeply honoured” to receive the award from the Indian government.
Foxconn, which manufactures around 70 per cent of iPhones globally, is investing heavily towards local manufacturing in the country.
The Taiwanese contract manufacturer plans to invest $1.54 billion in the country to help it fulfil “operational needs.”
The company will invest an additional Rs 3,300 crore in its manufacturing facility in Telangana. This will take the total investment of the company in the state to more than Rs 4,550 crore.
–IANS
na/kvd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
