Foxconn ditches Indian chip project

By Global Times

Jul 12, 2023 12:18 am

FOXCONN, the world's biggest contract electronics manufacturer, has pulled out of a nearly $20-billion semiconductor joint venture with an Indian company, dealing another major blow to New Delhi's ambitious plans to make India a global manufacturing hub.

It is the latest in a series of global companies that have pulled out of the Indian market, underscoring the subpar business environment in India due to its opaque regulatory system and stubborn protectionism against foreign investment.

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