India is on the brink of becoming a new global manufacturing hub, according to Young Liu, the Chairman and CEO of Hon Hai Technology Group, commonly known as Foxconn. This statement comes as a strong vote of confidence in India’s manufacturing quality and potential.
Liu believes that India’s supplier ecosystem is likely to develop faster than it did in China. This rapid development is attributed to the huge opportunities present in the local electronics industry. Foxconn, a major supplier of Apple products, continues to expand its presence in India in response to customer needs.
Foxconn has been operating in India since 2005 and has started a significant expansion program to take advantage of the spike in demand for electric vehicles and gadgets like smartphones and televisions. The company is exploring opportunities to manufacture electric vehicles (EVs) in India, with Tamil Nadu being one of the states it is considering for setting up a plant.
Liu’s optimism about India’s manufacturing future is also reflected in his interactions with Indian Prime Minister Narendra Modi. During their meeting at the Semicon India Conference 2023, Modi welcomed Foxconn’s plans to expand semiconductor and chip manufacturing capacity in India.
Foxconn’s commitment to expanding its operations in India signals a positive trend for the country’s manufacturing sector. With the right policies and infrastructure, India could indeed emerge as a new global manufacturing hub.