After many other industries eyeing on Indian market, Foxconn has come out with an intention of investing in India. Foxconn, a Taiwanese contract manufacturer is planning to invest around Rs 32,000 crore ($5 billion) in the country. There is an idea from the company to open a manufacturing unit here parallel to the one it possesses in China.
The decision in this regard was taken after the effect of the Goods & Services Tax (GST) on the imports which in turn resulted in the look out for the new manufacturing set up in India. Similarly, a couple of weeks back Amazon CEO also announced plan to invest $5 billion in India and has also leased 6 lakh square feet space in Hyderabad. A deal has been already fixed with a list of makers of smartphone such as OnePlus, Xiaomi, Oppo, Gionee, Asustek and others.
The Chairman & CEO of the company, Terry Gou has hinted to tie up with many of the local manufacturers so as to make their stay eminent in the market. More of industries are cropping up in the market of investment in India. Also, it has to be noted that the government has off late imposed 10 per cent customs duty on phones and parts such as chargers, headsets, batteries and USB cables, a move aimed to further local manufacturing.
It is way to get business to India and the international players are doing their bit and enhancing their market without letting out the process being affected. Whatever said and done the international brands have had a creative demand in India and these companies from the said countries are availing the facility of engaging the market in full-fledged affect. For example Topwise communications, one of the Original Device Makers in China, has planned to open an office at Delhi.
The market would still look for more investment such as these, Foxconn is glad on its decision and has made the right move at the right time. We are in the curiosity of understanding the impact of these industries on the economy of the country which of course is going to take a high turn around in terms of development.