Apple's Foxconn And 27 Other Major Tech Companies Set To Expand In India With Government Subsidies: Report

India is stepping up its game in the global tech arena, doling out subsidies to some of the biggest names in tech hardware, including Apple’s key supplier, Foxconn. This move is a strategic play to boost India’s domestic manufacturing and carve out a significant role in the global electronics supply chain.

What Happened? According to a South China Morning Post report, New Delhi has greenlit subsidy applications for 27 companies under its Production Linked Incentive (PLI) scheme. This scheme is all about ramping up the local assembly of PCs, tablets, and other tech hardware.

Ashwini Vaishnaw, India’s tech-savvy Minister for Railways, Communications, Electronics, and Information Technology, reveals that 23 of these companies are all set to hit the ground running. The remaining four? They’ll join the production party within the next 90 days.

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Talking Apple: Analyst Ming-Chi Kuo, in a recent Medium post, speculated that Apple might start introducing new products like the standard iPhone 17 in India, marking a shift away from its usual China-centric approach. In 2023, 12-14% of global iPhone shipments were rolling out of India, with Foxconn handling a hefty 75-80% of this production. Kuo’s crystal ball sees this number possibly hitting 20-25% by 2024.

And there’s more. Kuo predicts a downsizing of Foxconn’s production in Zhengzhou and Taiyuan, China, by 2024, paving the way for India to take a larger slice of the iPhone production pie. The big moment? The expected kickoff of the standard iPhone 17’s production in India in the second half of 2024.

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