News Brief
Uttar Pradesh Unveils New Semiconductor Policy To Ignite Industry Growth In The State: Here's All About It
UP Chief Minister Yogi Adityanath and Prime Minister Narendra Modi.
In a move to bolster the semiconductor sector, the Uttar Pradesh government has rolled out an ambitious subsidy and exemption programme under the newly-sanctioned UP Semiconductor Policy 2024.
Designed to incentivise investors, the policy promises a slew of benefits that exceed those offered by the central government's Modified Programme for Semiconductors and Display Fab Ecosystem.
Key highlights of the policy include a generous 5 per cent per annum interest subsidy on loans acquired from scheduled banks or financial institutions, applicable for a maximum repayment period of seven years.
This subsidy extends to investments of up to Rs 200 crore, with smaller units investing up to Rs 7 crore also eligible. Also, stamp duty and registration fees on land transactions are entirely waived.
Furthermore, the state has committed to a decade-long exemption from electricity duty for investors, alongside the provision of double power grid networks for semiconductor fabrication units.
Additionally, a 50 per cent discount on wheeling charges or transmission charges for interstate electricity purchases will be granted for 25 years from the project's operational date.
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.
To foster international-level expertise within the semiconductor industry, units will also receive up to Rs 1 crore as one-time assistance for a period of up to 12 months.
Moreover, the policy includes provisions for establishing research and development (R&D) centres and centres of excellence (COEs), with substantial subsidies allocated for their setup.
R&D centres stand to receive up to Rs 10 crore in subsidies, while COEs will benefit from 50 per cent of the total project cost, capped at Rs 10 crore.
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