Foxconn has secured regulatory approval for two major overseas investments worth over $2.2 billion, marking a significant step in supporting Apple’s ambitious plan to ramp up iPhone production in India. Taiwan’s Ministry of Economic Affairs has cleared a $1.49 billion capital boost into Foxconn Singapore Pte Ltd, which will be channelled into Yuzhan Technology (India) Pvt Ltd—strengthening Foxconn’s manufacturing base in India. This aligns with Apple’s strategy to shift a large portion of iPhone production for the US market to India by mid-2026, reducing dependence on China. One of the approved proposals includes a $1.49-billion investment to boost capital in Foxconn Singapore Pte Ltd, a subsidiary of the company. This unit in Singapore will subsequently channel the funds into Yuzhan Technology (India) Pvt Ltd, another Foxconn subsidiary operating in India. Expansion In India Last month, Foxconn, which supplies Apple iPhones, revealed that it had invested $1.48 billion (around Rs 12,800 crore) into its operations in India. The company is currently building a manufacturing plant in Sriperumbudur to assemble smartphone display modules, aligning with Apple’s strategy to diversify its manufacturing beyond China. Foxconn Aims To Produce 25-30 Million Apple iPhones Foxconn aims to produce 25-30 million Apple iPhones at its Indian facilities this year, which is more than double last year’s output. This growth is part of Apple’s broader efforts to expand its manufacturing footprint in India and diversify its production network. The Indian government continues to strongly support industrial growth. It has significantly increased budget allocations for key sectors under the Production Linked Incentive (PLI) Scheme for 2025-26. The allocation for Electronics and IT Hardware has risen from Rs 5,777 crore to Rs 9,000 crore, and for Automobiles and Auto Components from Rs 346.87 crore to Rs 2,818.85 crore. The Textile sector’s allocation has also increased from Rs 45 crore to Rs 1,148 crore. Launched in 2020, the PLI Scheme is more than just a policy; it is a strategic move towards self-reliance. By targeting industries like electronics, textiles, pharmaceuticals, and automobiles, the initiative offers financial incentives linked to measurable outcomes such as increased production and sales. This performance-driven approach attracts investments from both domestic and global players and encourages businesses to adopt advanced technologies and achieve economies of scale.