Amid the global #Anti_Chinasentiment due to China's discreet way of handling COVID-19, Industries and conglomerates across the world had been contemplating on gradually moving out of China in a bid to reduce the over-dependency on China for economic and industrial means.
Foxconn, the Taiwanese electronic contract manufacturer, which assembles Apple iPhones in India, has planned to invest to the tune of USD one billion in India.
#Foxconn currently has two plants in Tamil Nadu and Andhra Pradesh where it assembles Apple and Xiaomi smartphones. The investment is said to take place over three years and will also add about 6,000 jobs at the Sriperumbur plant in Tamil Nadu state, which at present manufactures iPhone models in India.
The upcoming investment is said to be in line with the new production-linked incentive (PLI) scheme by the Indian government. This scheme proposes a financial incentive to boost domestic manufacturing and attract large investments in the electronics value chain including mobile phones, electronic componentsProduction Linked Incentives of up to INR 40,951 crores will be awarded over a period of 5 years and Foxconn was reportedly among the companies which had applied to the government for receiving the benefits from the scheme.