Foxconn, the world’s largest smartphone manufacturing company are likely to invest Rs.32000 crore in India for setting up manufacturing hub parallel to China, for major exports to American and European countries.
A top official of this Taiwanese company has confirmed their plan to grow their business in India in an ‘exponential manner’. They have also added that “India is high on the priority list” and hence they have proposed to expand their manufacturing business to this country.
The implementation of GST (Goods and Service Tax) on the import duty of mobile phones has started showering its negative effects on the imports from China and various other countries. They have discouraged sourcing of import products and are encouraging the manufacturing of products in India itself.
During the visit to India, Foxconn chairman and CEO Terry Gou, have promised further investments in India in near future.
The decision for imposing tax on phone and its major components like, chargers, batteries and headphones, seems to be a “confidence factor” for the company.
This expansion of manufacturing industries and business in India will provide employment to a huge lot of Indians. This is believed to aid in curbing down the ‘poverty line factor’ to a great extent.
Foxconn manufactures smartphones for electronics companies like Nokia, Oppo and Gionee. The officials have confirmed that they are looking factors that might integrate their commercial and production sector.
The investment in the ‘Make in India’ venture is becoming an important factor for benefits of both the business sectors and the employment of our country.
‘Make in India’ initiative is an initiative launched by the Indian Government for encouraging national and multi-national companies, to manufacture their products in India.