Apple supplier Foxconn has pulled out of a $19.5 billion joint venture project with Indian conglomerate Vedanta that aimed to bring semiconductor and display manufacturing to the Indian state of Gujarat. The move is a setback for Indian Prime Minister Narendra Modi's plans to transform India into a global manufacturing powerhouse. Foxconn said the decision was made by "mutual agreement," but it remains confident about India's semiconductor ambitions. The breakup comes amid rising geopolitical and economic tensions between the US and China, prompting companies to diversify their supply chains beyond mainland China. Foxconn continues to build other factories in India.

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