In order to produce Apple’s iPhones, Foxconn works with Apple. The largest firm in the world is Apple, a maker of the iPhone. However, Foxconn will now produce semiconductors in India in addition to Apple iPhones. Foxconn has teamed up with Vedanta for this. Let us tell you that Vedanta is the largest oil and mining corporation in the world. Semiconductor manufacturing in India will be expanded through the collaboration of these two corporations. In this regard, a joint venture (JV) has been formed between Foxconn and Vedanta.
Manufacturing of semiconductors in India is planned
Foxconn, the world’s largest electronics product manufacturer, has signed a Memorandum of Understanding (MoU) to produce semiconductors in India. This is the first time the two companies have worked together in this capacity.
Prime Minister Narendra Modi’s goal of establishing domestic semiconductor production would be supported by this corporation, which is a first. Both Vedanta and Foxconn will have a significant stake in the joint venture. Anil Agarwal, the chairman of Vedanta, will chair the joint venture business.
India is poised to become a global center for manufacturing
Please note that the PLI scheme for the production of semiconductors in India was announced by the government of Prime Minister Narendra Modi. Under which Rs 76,000 crore will be invested over the course of the next six years. An incentive of Rs 2.3 lakh crore will be granted under this plan. Compound semiconductor wafer manufacture, assembly, testing, packaging, and production can be given a 25 percent incentive capital credit.
What is the advantage for India?
All kinds of electrical items are made using semiconductors. It is employed in the production of mobile devices, laptops, and automobiles. India will benefit greatly from the domestic production of semiconductors. Because of the paucity and high price of semiconductors, this will also be an asset.
The price of numerous electronic products, including automobiles, smartphones, and other electronic devices, is expected to fall in the near future as a result of this.