Uttar Pradesh's Big Bet on Semiconductors: New Incentives Unveiled

Uttar Pradesh has announced new incentives to attract major semiconductor investments, including subsidies and tax exemptions. The state aims to become a global player in the semiconductor industry and generate significant employment. Additional initiatives include a new multi-specialty hospital and expanded stamp duty concessions for property transfers.

In a strategic move to bolster its economic landscape, the Uttar Pradesh Cabinet has green-lighted a slew of incentives aimed at attracting semiconductor firms ready to invest over Rs 3,000 crore. The decision, announced by Finance Minister Suresh Kumar Khanna, is part of an ambitious plan to boost high-tech manufacturing and create substantial employment opportunities in the state.

The policy framework offers enticing benefits such as interest subsidies, GST exemptions for a decade, and significant power tariff reductions. These measures aim to lure global semiconductor giants and position the state as a formidable investment hub, previously dominated by regions like the US, Europe, and Asia.

In tandem with industrial advancements, the cabinet also approved establishing a multi-super specialty hospital in Varanasi. Moreover, the stamp duty benefits previously accessible only for residential or agricultural property have now been extended to family-transferred commercial properties. This aligns with Uttar Pradesh's forward-thinking economic and infrastructural strategies.

(With inputs from agencies.)