May 15, 2023, will be a red-lettered day in the history of Telangana. Foxconn, the world’s largest technology manufacturing company, has made Telangana home. The groundbreaking ceremony of the Foxconn Interconnect Technology’s electronics manufacturing plant took place in Kongara Kalaan, Hyderabad in the presence of IT and Industries Minister KT Rama Rao and Foxconn Interconnect Technology CEO Sidney Lu.
This mega investment worth more than $500M will create 35,000 jobs in the first phase and makes Telangana an important player in India’s high-tech manufacturing sector. Attracted by Telangana’s speed and business-friendly environment, Foxconn has come forward to set up this facility in Telangana. This is also in line with the tech giant’s strategy to diversify its global manufacturing base.
Foxconn has expressed its profound gratitude to the government of Telangana for creating a favourable business environment in the state. “Thanks to the Government of Telangana’s unwavering commitment to fostering a favourable business environment that has enabled Foxconn Interconnect Technology to invest and grow in the State,” a statement by the Foxconn group said.
Minister KT Rama Rao expressed his delight at Foxconn choosing Telangana for setting up one of the largest electronics manufacturing factories in the country. “Today, India stands at the cusp of transformation that shall create a sustainable and well-entrenched electronics manufacturing ecosystem in the country. Together, we have the potential to lead the way and play a pivotal role in this transformation,” KTR said.
The Minister hoped that Telangana will increase its per capita income 6 times to reach $20,000 by 2040. “Over the last 9 years, Telangana has been growing at a rapid pace and has emerged as the most preferred destination for high-tech manufacturing in India. We grew in per capita by 2.5 times. In the Industrial sector, we approved 22,700 proposals, bringing in $50B worth of investments, with a potential to generate 2.3 million jobs. We are number 2 in IT. Out of every 3 jobs created in India last year, one is from Telangana.” he added.
KTR emphasized that the Telangana government would be working towards making Hyderabad, the Shenzen of India, “As a State, we have identified electronics manufacturing as a focus area. We aspire to become the Shenzhen of India. In the next 10 years, we aim to create a 1.5 million workforce to create a $150B economy,” the minister said.
Complementing the commitment of the officials KTR said that they have signed an MoU with Foxconn on March 2nd and in about two and half months, the ground-breaking ceremony has happened. “Government of Telangana understands why we need to work at high speed. Chairman of Foxconn Group, Mr Young Liu called it Telangana Speed. We shall live up to that reputation,” he added.
The Minister said that under the visionary leadership of Chief Minister KCR, Telangana aspires to lead the way in making India, an electronics manufacturing powerhouse.