E-Paper
Noida to become aviation hub of U.P.
The state government has earmarked 1000 acres of land near Noida International Airport Limited (NIAL) for the project.
The Yogi Adityanath government is likely to launch a new scheme this month to promote the aviation industry in the state.
The state government has earmarked 1000 acres of land near Noida International Airport Limited (NIAL) in Jewar for the project.
Under this project, facilities for assembling and manufacturing aircraft parts, as well as complete airplanes, will be established. Multiple Indian companies, as well as foreign companies, including those from the United States, are expected to establish their manufacturing units.
Arunvir Singh, the chief executive officer of the Yamuna Expressway Industrial Development Authority (YEIDA), stated that the process of acquiring 1,365 hectares of land in the second phase of the Noida International Airport is going on.
This area will be developed as a Maintenance Repair and Overhaul (MRO) and an Aviation Hub, he added.
Individual units will come up on five-acre plots and larger plots will also be made available.
This scheme will encourage aircraft assembling companies, engine manufacturing firms, nozzle manufacturing companies and other aircraft equipment manufacturing companies to establish their units.
Arunvir Singh added that the state cabinet had recently issued a foreign direct investment (FDI) policy to provide benefits to foreign companies.
According to this policy, foreign companies will receive 75 percent land subsidy, capital subsidies of up to ₹100 crore, 100 percent state goods and services tax (GST) reimbursement for a period of 10 years, and financial support of ₹5,000 for seven years for up to 500 individuals engaged in patenting, training, and skill development.
Additionally, customs exemptions will be granted for import of equipment from foreign countries.
