In an attempt to uplift the state’s economy, the Karnataka government has approved 14 investment projects worth $4.09 billion. According to the state authority, these projects have the potential to generate around 13,308 jobs in Karnataka. Out of the 14 approved projects, 10 are brand new, while the remaining 4 are old projects planned to invest more money. In total, the new projects are investing around $2.2 billion, while the existing projects will invest the remaining $1.8 billion.
Among the approved proposals, the top projects are JSW Steel Limited, JSW Renew Energy, Toyota Kirloskar Motor Private LTD, and many others. However, the most significant investment comes from a tech manufacturer. The iPhone manufacturer Foxconn is all set to invest $1.67 billion in Karnataka To Set up a plant for the manufacturing of the iPhone.
The tech manufacturer plans on investing $1.6 billion in 3 things. They are planning on building a factory that will make the outer casing of iPhones, one factory to build semiconductor units for the iPhone, and another facility to assemble the iPhones. For this, the company has also acquired a 300-acre land in Devanahalli, near Bengaluru Airport.
This is one of the best investments for India as Apple and the country, were both looking forward to manufacturing iPhones indigenously and exporting them overseas. It is also a good opportunity for Foxconn to build a healthy relationship with the Karnataka and the Indian government.
