The joint venture between Vedanta and Foxconn will invest Rs 1.54 lakh crore in the Gujarat chip manufacturing facility, which will begin producing semiconductors in two years.
The average cost of a laptop launched in India increased over Rs60,000 due to supply chain problems brought on by a global chip shortage.
A record 5.8 million PC shipments reached Indian markets for the first quarter of 2022, despite the high cost of electronics.
With Gujarat hosting the nation's first semiconductor production facility, Vedanta-Foxconn is now prepared to completely change the IT landscape in India.
Due to the use of semiconductors and glass produced in India for making laptops at the Rs 1.54 lakh crore factory.
As per the newest announcement the laptops that are currently priced at Rs 1 lakh will be accessible for less than Rs 40,000.
In an interview with CNBC TV18, the chairman of Vedanta, Anil Agarwal, made the prediction and stated that parts currently made in Taiwan and Korea will now be made in India.
Foxconn, a titan of Taiwanese electronics, will own 38% of the joint venture that the business is forming.
Gujarat manufacturing plant will begin producing semiconductors, and the corporation anticipates a $3.5 billion revenue from the venture, of which $1 billion would come from exports.
India presently imports all of its semiconductors, and in 2020 it spent $15 billion on electronics purchases, 37% of which came from China.
According to an SBI analysis, India's GDP might increase by $8 billion even if its reliance on Chinese exports is reduced by 20%.