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Foxconn's withdrawal from a joint semiconductor venture with Vedanta marks a significant setback to India's chipmaking goals. This move questions the success of the 'Make in India' initiative and could impact future foreign investments.
Taiwan's Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with India's Vedanta, marking a significant setback to Prime Minister Narendra Modi's chipmaking ambitions. Foxconn's decision is reportedly linked to concerns over delay in incentive approval by the Indian government. The departure of Foxconn puts a dent in Modi's plans to attract foreign investors for local chip production, despite Vedanta's commitment to continue with the project with other partners. The incident casts a shadow on the 'Make in India' initiative and may influence the decision of other companies looking to invest in India.
Source: Reuters
Foxconn drops $20 billion factory in India. People often overestimate how advanced China's logistics & supply chains are compared to others. This is one of China's biggest competitive advantages & why China is THE manufacturing giant of the 🌍https://t.co/udS3oE4jiR
— Cyrus Janssen (@thecyrusjanssen) July 11, 2023
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