Foxconn to Double Employee Strength in India
Foxconn, the world”s largest contract manufacturer of electronics and biggest iPhone supplier, is planning to double its employee headcount in India. The company”s Indian representative, V Lee, acknowledged this in a LinkedIn post on Sunday while wishing Prime Minister Narendra Modi on his 73rd birthday. However, Lee did not disclose more information.
In his LinkedIn post, Lee said, “Happy Birthday, Honorable PM. Under your leadership, Foxconn has grown smoothly and rapidly in India. We will work even harder to present you with a greater birthday gift next year, aiming for another doubling of employment, FDI, and business size in India.”
Currently, 40,000 employees work for Foxconn at its Tamil Nadu plant. Foxconn has been expanding its India operations as part of its “China plus” plan, in which companies are shifting their operations from China. Meanwhile, India is trying to capitalize on this by providing more incentives through the Production Linked Incentive Scheme (PLI).
As part of this move, Karnataka has received major investments, with Foxconn announcing that it would be investing $600 million in the state. The projects include the production of casing components for iPhones and equipment for chip manufacturing. Foxconn has been increasing its iPhone production in India. In the financial year 2023, India”s iPhone exports reached 7%, which helped the country increase its FMEG exports to $23.57 billion.
Apple, the iPhone maker, had started its first two exclusive India retail stores in India in Mumbai and Delhi. CEO Tim Cook himself inaugurated these shops. He also announced that the company has a plan to open three more shops in the country by 2027.
Foxconn”s decision to double its employee strength in India is a positive sign for the country”s economy. It shows that India is becoming a more attractive destination for foreign investment. The government”s PLI scheme is also playing a role in attracting companies to India.
