In a big improvement, Uttar Pradesh Chief Minister Yogi Adityanath has formally signed the long-awaited Semiconductor Policy 2024, making Uttar Pradesh the fourth Indian state, following Gujarat, Odisha, and Tamil Nadu, to determine its devoted semiconductor coverage. The coverage, spanning a five-year time period, goals to draw investments and propel the state right into a outstanding hub for the semiconductor business.

According to statements from the state cupboard, the coverage presents a variety of incentives to buyers, positioning Uttar Pradesh as a lovely vacation spot for semiconductor manufacturing. Higher Education Minister Yogendra Upadhyay emphasised throughout a media convention that the semiconductor coverage is designed to offer capital, non-financial, and monetary incentives to all stakeholders within the semiconductor manufacturing ecosystem.

Under the coverage, the state authorities plans to subsidize 50 per cent of the capital subsidy supplied by the central authorities. Additionally, models investing as much as Rs 200 crore will profit from curiosity subsidies as much as a most of Rs 1 crore. The state will even present a 75 per cent low cost on the primary 200 acres of land and a 30 per cent low cost on extra land. Furthermore, there shall be a 100 per cent exemption on registration and stamp responsibility for land acquisitions.

The official press launch from the Uttar Pradesh authorities highlights the anticipated surge in demand for semiconductors, projecting a market exceeding USD 100 billion by 2025. Acknowledging the nation’s present dependency on semiconductor imports, the federal government goals to leverage the coverage to steer the cost in direction of changing into a trillion-dollar financial system.

The IT and Electronics Department will function the nodal company for coverage implementation, with the institution of a devoted coverage implementation unit chaired by the extra chief secretary/principal secretary of the IT and Electronics Department. This transfer signifies Uttar Pradesh’s dedication to fostering technological development and self-reliance within the semiconductor sector.