Uttar Pradesh's Ambitious Moves to Transform into a Semiconductor Hub

The Uttar Pradesh Cabinet approved measures to attract semiconductor firms with investments of Rs 3,000 crore or more. The incentives include subsidies and exemptions, aiming to boost manufacturing and employment. Additional approvals included infrastructure projects and amendments for sports recruitment.

The Uttar Pradesh government has unveiled a series of incentives aimed at luring major semiconductor firms to invest over Rs 3,000 crore in the state. Aiming to elevate high-end manufacturing and spur massive employment, the cabinet has rolled out financial and structural benefits for these multinational corporations.

Finance Minister Suresh Kumar Khanna, addressing the media post-cabinet meeting, elucidated that incentives such as interest subsidies, employee cost compensation, GST exemptions, and power tariff rebates will be provided. This policy seeks to establish the state as a strategic investment hub amid global leadership from regions like the US and Taiwan in the semiconductor space.

Complementary cabinet approvals encompassed infrastructure expansions including a new bus station, a multi-specialty hospital, and educational advancements with the National Forensic Sciences University campus. These projects are poised to bolster Uttar Pradesh's economic landscape and provide enhanced connectivity and facilities to its populace.

(With inputs from agencies.)