< p > South Korean media: Want to replace "Made in China"? India's $23 billion plan has failed! < / p > < p > On April 9, South Korean media Edaily reported that India's $23 billion manufacturing development project aimed at reducing dependence on China has failed. The reason is that although iPhone manufacturer Foxconn and local Indian companies participated, the actual production performance was poor, far from reaching the target. < / p > < p > Reuters recently reported citing sources from Indian Prime Minister Narendra Modi's government that the Indian government has decided to terminate an incentive plan for Indian manufacturing worth $23 billion. < / p > < p > A source said, "The plan will not exceed the existing 14 pilot projects, and the deadline will not be extended even if some participating companies request it." < / p > < p > India's so-called "manufacturing plan" is a national policy project aimed at increasing the share of manufacturing to 25% by this year. This is a method for enterprises to receive subsidies when they meet production targets and deadlines. About 750 companies have joined the plan, including Apple supplier Foxconn and Indian conglomerate Reliance Group. < / p > < p > According to Reuters, Indian government documents and other evidence show that many companies participating in the plan have not started production, and even if they reach the targets, they have not received subsidies from the Indian government. < / p > < p > As of last October, companies participating in the plan had produced products worth $151.93 billion, completing only 37% of the original target. So far, India has paid $1.73 billion in subsidies, accounting for only 8% of the total amount. < / p > < p > Due to the stagnation of the plan, India's manufacturing share is 14.3%, falling short of the original plan and even lower than before the implementation of the plan (15.4%). < / p > < p > Reuters reported that in fact, India has shown strong growth in the mobile phone and pharmaceutical sectors, but in other fields such as steel, textiles, and solar panels, it is difficult to achieve its goals due to competition from China. US President Donald Trump's tariff policies are also considered a cause of India's manufacturing decline. < / p > < p > The "India Manufacturing Plan" ultimately ended in failure, but people are seeking improvement measures. Reuters reported that "India is considering supporting specific industries by repaying part of the factory investment, which will enable companies to recover costs more quickly." < / p > < p > Biswajit Dal, a trade expert at India's Social Development Council, said, "More efforts are needed to attract foreign investment, but the government may have missed the opportunity. This project may be the last chance to revitalize the manufacturing sector." < / p > < p > < img src = "//p3-sign.toutiaoimg.com/tos-cn-i-ezhpy3drpa/542ccada865e41e2bb431bb2a1242277~tplv-obj:960:960.image?_iz=97245&bid=15&from=post&gid=1828911305951244&lk3s=06827d14&x-expires=1751932800&x-signature=vAA5dKQBC7geYvG%2FL2NEjBc0E5M%3D" / > < / p > < p > Source: https://www.toutiao.com/article/1828911305951244/ < / p > < p > Disclaimer: The article solely represents the author's personal views. < / p >