As Taiwanese chip-making giant Foxconn announced that it has withdrawn from a joint venture to manufacture chips with India-based industrial giant Vedanta, the Congress on Monday took a veiled dig at BJP-led Central government, saying this has been the fate of many MoUs signed in Vibrant Gujarat summits year after year and will be the fate of other such copycat summits.
Congress General Secretary Jairam Ramesh, in a tweet, said: “Remember the publicity at the time of announcing the project? Gujarat CM even claimed 1 lakh jobs will be created. This has been the fate of many MOUs signed in Vibrant Gujarat summits year after year, and will be the fate in other such copycat summits like Global Investor Summits in UP. Whether Gujarat Model or ‘New India’ never trust the manufactured headlines.”
In a major setback to Prime Minister Narendra Modi’s plans of making India a chip-manufacturing hub, Taiwanese chip-making giant Foxconn on Monday announced that it has withdrawn from a joint venture with India-based industrial giant Vedanta.
Foxconn was supposed to execute a $19.5 billion semiconductor joint venture with metals to oil conglomerate Vedanta. The two companies had signed a MoU in 2022 to establish semiconductor and display production parts in Gujarat, the home state of PM Modi.
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