In a major boost to the Modi government's Make-In-India initiative, Taiwanese laptop giant Asus has announced plans to relocate key component suppliers from its primary manufacturing hub in China to India.

The company is collaborating with contract manufacturer Flex to establish a new factory in Chennai, capitalizing on the government's revamped Rs 17,000-crore production-linked incentive (PLI) scheme for IT hardware.

With a market valuation of $15 billion, Asus aims to aggressively expand its production operations in India, relying on the government's PLI scheme. This move comes as the company anticipates rapid growth in demand within the Indian market, even as China, the United States, and major Western markets face economic slowdowns.

Peter Chang, the general manager for Asus' Asia Pacific System Business Unit, affirmed the company's commitment to India, telling TOI, "Asus is one of the fastest-growing notebook brands in India, and we will now expand our product line-up and business operations here in line with the growing scale of business as well as market potential."