India is making significant strides towards its goal of becoming a global manufacturing hub, as more and more international companies show keen interest in investing in the country. This wave of investments not only promises economic growth for India but also presents a favorable scenario for the ruling government in the lead-up to the crucial general elections next year.
Renowned global companies, including Apple and Amazon, have identified India as a prime destination for their expansion plans, particularly due to the country’s rapid growth across multiple sectors. Additionally, these companies are seeking to reduce their reliance on China, following the disruptions experienced in the previous year.
For instance, Amazon’s cloud computing division, Amazon Web Services, recently announced a substantial investment of $13 billion (over Rs 1 lakh crore) in India by 2030. This investment aims to build a robust cloud infrastructure and generate numerous employment opportunities.
Apple, the world’s most valuable company, has also made notable inroads into India. With the recent opening of physical retail stores in Mumbai and New Delhi, Apple is demonstrating its commitment to the Indian market. The company has also commenced local manufacturing in collaboration with contract electronics makers Foxconn, Wistron Corp, and Pegatron Corp.
Taiwanese giant Foxconn is making substantial investments of $500 million in Telangana and nearly $968 million in Karnataka, setting up manufacturing plants that are expected to create over 70,000 jobs. Moreover, plans are underway to establish an AirPods factory in India, further bolstering Apple’s manufacturing capabilities.
Cisco Systems, a prominent US networking equipment manufacturer, is diversifying its global supply chain by initiating manufacturing operations in India. With a target of $1 billion in production and exports from India in the coming years, Cisco aims to tap into the country’s vast potential.
Walmart, the US retail giant, is also eyeing expansion in India. In a meeting with Prime Minister Narendra Modi, Walmart CEO Doug McMillon reiterated the company’s commitment to exports worth $10 billion annually from India by 2027.
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