{"id":2674,"date":"2023-11-27T16:10:55","date_gmt":"2023-11-27T10:40:55","guid":{"rendered":"https:\/\/bigbreakingwire.in\/hon-hai-precision-industry-to-invest-1-6-billion-in-indian-manufacturing-expansion\/"},"modified":"2023-11-27T16:53:31","modified_gmt":"2023-11-27T11:23:31","slug":"hon-hai-precision-industry-to-invest-1-6-billion-in-indian-manufacturing-expansion","status":"publish","type":"post","link":"https:\/\/bigbreakingwire.in\/hon-hai-precision-industry-to-invest-1-6-billion-in-indian-manufacturing-expansion\/","title":{"rendered":"Hon Hai Precision Industry to Invest $1.6 Billion in Indian Manufacturing Expansion"},"content":{"rendered":"
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Indian PM Modi shakes hands with Hon Hai Precision Industry Co chairman Young Liu at SemiconIndia conference in Gandhinagar, India<\/figcaption><\/figure>\n\n\n\n

Foxconn Technology Group, also known as Hon Hai Precision Industry Co, a partner of Apple Inc, intends to double its investment and workforce in India. This underscores an increasing trend of manufacturing relocating from China amid escalating tensions between Washington and Beijing.<\/p>\n\n\n\n

In a strategic move to diversify its manufacturing operations beyond China, Hon Hai Precision Industry Co., Ltd., the world’s largest contract electronics manufacturer, has unveiled plans to invest $1.6 billion in building new plants in India. The Taiwanese multinational aims to capitalize on India’s cost-effective labor market and the government’s incentives for foreign investors.

The investment will fuel the production of a range of electronic products, including smartphones, laptops, and servers. Facing escalating costs and labor shortages in China, Hon Hai sees India as a favorable alternative, aligning with the nation’s ambitions to bolster its electronics manufacturing sector.<\/p>\n\n\n\n

India’s proactive approach in attracting foreign investment has positioned it as one of the fastest-growing electronics manufacturing markets globally. The government’s initiatives, such as tax breaks and subsidies, have lured companies seeking growth beyond their traditional bases.

Hon Hai’s venture is expected to generate a substantial economic impact in India, creating thousands of new jobs. The company plans to hire up to 10,000 workers for its new facilities, contributing to India’s employment landscape.<\/p>\n\n\n\n

At present, India ranks as the world’s fifth-largest electronics producer, with aspirations to ascend to the third position by 2025. Hon Hai’s significant investment signals a pivotal step towards realizing this ambition, providing a substantial boost to India’s electronics manufacturing sector.

The collaboration is mutually advantageous \u2013 Hon Hai gains from lower costs and access to a skilled workforce in India, while the country benefits from increased foreign investment, job creation, and the transfer of advanced manufacturing technology.<\/p>\n\n\n\n

In conclusion, Hon Hai Precision Industry’s strategic investment in India marks a positive development for both the company and the nation, fostering economic growth, technological advancement, and solidifying India’s position in the global electronics manufacturing landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"

Foxconn Technology Group, also known as Hon Hai Precision Industry Co, a partner of Apple Inc, intends to double its investment and workforce in India.…<\/p>\n","protected":false},"author":1,"featured_media":2672,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[31,1,39],"tags":[78,419,69,79,82],"class_list":["post-2674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-tech","category-world","tag-china","tag-foxconn","tag-india","tag-taiwan","tag-usa","entry","rows"],"jetpack_publicize_connections":[],"modified_by":"bigbreakingwire","jetpack_featured_media_url":"https:\/\/bigbreakingwire.in\/wp-content\/uploads\/867e5388860c4bb2fc177b3a285a1ac128129.jpeg","jetpack_shortlink":"https:\/\/wp.me\/pfgCxS-H8","jetpack_sharing_enabled":true,"jetpack_likes_enabled":false,"_links":{"self":[{"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/posts\/2674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/comments?post=2674"}],"version-history":[{"count":0,"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/posts\/2674\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/media\/2672"}],"wp:attachment":[{"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/media?parent=2674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/categories?post=2674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bigbreakingwire.in\/wp-json\/wp\/v2\/tags?post=2674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}