UP unveils subsidies for semiconductor units
Investors will get substantial subsidies on capital, interest and land along with exemptions from stamp duty, registration fees, and electricity duty in establishing semiconductor units, which are considered the backbone of electronics goods manufacturing in the state under the new policy
LUCKNOW Aimed at bolstering semiconductor manufacturing, the UP government announced subsidies and exemptions for investors on setting up semiconductor units in the state under the UP Semiconductor Policy-2024, an official release stated on Monday.
Investors will get substantial subsidies on capital, interest and land along with exemptions from stamp duty, registration fees, and electricity duty in establishing semiconductor units, which are considered the backbone of electronics goods manufacturing in the state under the new policy.
The state government will extend support to companies in skills training/research and development, emphasising its commitment to positioning UP as a leader in the semiconductor sector.
UP minister of higher education, Yogendra Upadhyay, in a press statement said the recently introduced Semiconductor Policy under the IT and electronics department would play a crucial role in making the state and the country a leader in this sector.
Under the policy, there is a plan to establish a world-class centre of excellence (COE) as a foundational framework to promote research and innovation in the semiconductor sector. The centre will be established in collaboration with reputed educational institutions, industry associations, industry or any other government/private entity.
The state government will bear 50% of the total project cost (up to a maximum of ₹10 crore) for the COE. However, the subsidy benefits will be applicable to either the R&D centre or the excellence centre, not both.