Hon Hai Technology Group, also known as Foxconn, earlier this week pulled out of the chipmaking joint venture with Vedanta and said it intends to apply for incentives under the government's semiconductor production plan. Most of the world's chips are manufactured in a handful of countries and India, which expects its semiconductor market to be worth USD 63 billion by 2026, is a late entrant. Semiconductors find wide applications and are used in devices such as mobile phones to refrigerators and in cars.
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