(MENAFN- KNN India)
Noida, Sep 12 (KNN)
The Uttar Pradesh government is positioning itself to attract substantial investments in the burgeoning field of Semiconductor manufacturing, as Prime Minister Narendra Modi made a strong case for India's chip-making potential while inaugurating Semicon India 2024 at the India expo Mart in Greater Noida on Wednesday.
Chief Minister Yogi Adityanath, who presided over key meetings during the event, emphasised the state's commitment to becoming a hub for semiconductor manufacturing.
“The Uttar Pradesh Semiconductor Policy 2024, introduced earlier this year, is designed to create an ecosystem conducive to semiconductor investment,” Adityanath said.
The policy offers a range of incentives, including assistance on capital investment, interest subsidies, and rebates on land value, stamp duty, and electricity charges.
The three-day event is seen as a significant platform for India's semiconductor ambitions, with Uttar Pradesh emerging as a focal point due to its strategic location and supportive policies.
The state government is actively pursuing investment opportunities, aiming to capitalize on the global shift toward securing semiconductor supply chains.
Adityanath, who arrived in Greater Noida on Tuesday to oversee event preparations, held one-on-one discussions with senior executives from 12 leading semiconductor companies.
“We are optimistic about securing investments in semiconductor manufacturing in Uttar Pradesh. Several companies have expressed interest, and one proposal, valued at Rs 30,000 crore, is expected to reach the state cabinet for approval soon,” said Manoj Kumar Singh, Chief Secretary of Uttar Pradesh.
Beyond semiconductors, Adityanath highlighted Uttar Pradesh's emergence as a data hub, noting that the state is treating the IT sector as an industry, with industrial development authorities offering land at reduced rates to IT firms.
Anil Sagar, Principal Secretary (IT and Electronics), also expressed optimism, noting that investors are keen on setting up both semiconductor manufacturing units and design offices in the state.
While the state government can approve semiconductor design offices, manufacturing units will require approval from the central government.
As Uttar Pradesh continues to receive investment proposals in this critical sector, the state is poised to play a key role in India's semiconductor future, aligning with the central government's vision of becoming a global semiconductor powerhouse.
(KNN Bureau)
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