Three Apple suppliers in Taiwan are reportedly planning to invest US$900 million in India in the next five years under the Indian government's new incentive plan for large-scale electronics manufacturing
Three Apple suppliers in Taiwan are reportedly planning to invest US$900 million in India in the next five years under the Indian government's new incentive plan for large-scale electronics manufacturing. The three Taiwanese contract manufacturers — Foxconn, Wistron, and Pegatron — all plan to participate in India's US$6.65 billion production-linked incentive (PLI) scheme, according to Taiwan News quoting Reuters.
The scheme is expected to help add 0.5 percent to India's economic growth in five years by encouraging local electronics production and attracting large investments from major global manufacturers, the report said. Foxconn has already applied to invest US$542 million, while Wistron and Pegatron have committed to invest US$176 million and US$163 million, respectively. Although it is unknown whether all the investment will go towards producing Apple products, it is understood that the majority of it will be used to expand iPhone manufacturing in India.
The investments highlight a potentially seismic shift as Apple diversifies its supply chain beyond China. India is seeking to capitalize on the fallout and wants to transform the South Asian country into the world's No. 1 in mobile manufacturing hub by 2025, according to Tech News.