Prime Minister Narendra Modi virtually laid the foundation stone for the HCL-Foxconn joint venture project – India Chip Pvt. Ltd. – in the Yamuna Expressway Industrial Development Authority (YEIDA), Uttar Pradesh, today. The establishment of the HCL-Foxconn semiconductor facility marks a significant milestone in India's journey towards technological self-reliance and reflects the Prime Minister's vision of positioning India as a trusted global destination for high-end electronics and semiconductor manufacturing.
Addressing the gathering via video conferencing, Mr. Modi stated that the establishment of the HCL-Foxconn semiconductor facility in Uttar Pradesh is a step towards technological self-reliance. It will strengthen India's presence in the global chip ecosystem. Union Minister for Electronics and Information Technology, Ashwini Vaishnaw, speaking at the event, said that in the last 11 years, Prime Minister Narendra Modi has established India as a powerhouse in the field of electronics. He said that previously, electronics manufacturing was very limited in the country, but currently, the country is witnessing electronics manufacturing worth 12 lakh crore rupees.
He further stated that electronics is the third largest export item of the country, and Uttar Pradesh is a major contributor to this. He said that the plant, which is being set up in Noida, will produce 360 million chips. Referring to the India AI Impact Summit 2026, Mr. Vaishnaw said that 118 countries and organizations participated in this grand event. He said that 86 countries have signed and endorsed the New Delhi Declaration on AI Impact.
On Railways, Mr. Vaishnaw said that 20 thousand crore rupees have been allocated to Uttar Pradesh in the Union Budget 2026-27. Uttar Pradesh Chief Minister Yogi Adityanath also addressed the event.