50,000 jobs to be created in Maharashtra as Foxconn pledges $5 billion for setting up electronics manufacturing facility

One of the biggest players in the contract electronics manufacturing space, Foxconn, which is well known for producing Apple's iPhones, recently signed an agreement with the government of Maharashtra for investing $5 billion over the next 5 years for setting up a new electronics manufacturing facility. This was announced by Foxconn founder Terry Gou and Maharashtra Chief Minister Devendra Fadnavis in Mumbai.

This is one of the biggest endorsements for the Prime Minister Narendra Modi's 'Make in India' campaign, which aims to transform India into a manufacturing powerhouse.

Foxconn, which also manufactures for clients like Sony, Micromax, Huawei, Xiaomi and Blackberry, is also looking at setting up manufacturing units in other Indian states.

The firm employs close to 1.3 million people globally and in Maharashtra, this investment is expected to create 50,000 jobs. While it is not clear what products will be manufactured in India, it is expected that the firm will look at manufacturing smartphones, television sets and routers among other products.

If Foxconn's plans go as planned, it could transform and change the face of electronics manufacturing in India, and attract other consumer electronic giants to consider manufacturing in India.