The Tamil Nadu government has agreed to invest 1,600 crores with Foxconn subsidiary Hon Hai Technology Group in the state’s cell phone component production.
Industries Minister TRB Rajaa stated that the subsidiary Hon Hai Technology Group would construct the plant.
The new manufacturing facility would be built in Tamil Nadu’s Kancheepuram district. 6,000 jobs would result from this. Today, the CEO of Foxconn met with Chief Minister MK Stalin, according to Mr. Rajaa.
Foxconn already has a 40,000-person-strong Apple iPhone manufacturing factory in Tamil Nadu, outside of Chennai, at Sriperumpudur.
In a statement, Foxconn’s recurrent investments and expansion plans in Tamil Nadu are evidence that the state is the top choice for manufacturing in India for big firms all over the world, according to Mr. Rajaa, who called this a significant accomplishment. This represents a significant victory for the state.
Tamil Nadu is the leader in the export of electronic goods, with exports expected to reach $5.3 billion in 2022–2023. By 2030, Chief Minister Stalin wants the state to have a trillion-dollar GDP.
“With this proposed investment and many more to follow,” Mr. Rajaa continued, “Tamil Nadu is positioned to not only maintain its position as the nation’s top exporter of electronics but also greatly boost its electronics exports in the years to come. The achievement of our Honourable Chief Minister’s goal of a #OneTrillionUSD economy in Tamil Nadu would depend heavily on this.
Tamil Nadu, known as the “Detroit of India” for its concentration of automakers, has also been known as India’s EV capital as a result of numerous electric vehicle manufacturers, including Ola Electric and other battery producers, establishing operations there.
The talent pool and political stability of Tamil Nadu are important strengths. We like our plug-and-play design. The state provides incentives, guarantees jobs for its citizens, and generates income for the state,” Mr. Rahaa recently told NDTV.
