India has a massive plan to boost manufacturing — and technology firms in Greater China will be a key beneficiary, according to Goldman Sachs. The investment bank called the plan, known by its Production-Linked Incentive Schemes, as a "substantial opportunity" for Greater China tech firms. The initiative incentivizes foreign companies to start manufacturing in India and encourages local firms to expand their production and exports there.
As a leading end market with a large labour force, India became one of the key beneficiaries of the trend in 2022," Goldman analysts wrote. The bank expects that foreign companies will be more active in India, with Apple planning to move 25% of global iPhone production to the country within two years. On top of that, Hon Hai could build a new factory in India this year, the bank said.
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