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UP: Yogi Government Approves Semiconductor Policy Incentives
UP: Yogi Government Approves Semiconductor Policy Incentives, Targets Rs 3,000 Cr Investment
The Uttar Pradesh Cabinet, chaired by Chief Minister Yogi Adityanath, has approved a package of special incentives under the Semiconductor Policy 2024 to attract large-scale investments of Rs 3,000 crore and above in the sector.
The incentives will be provided on a case-by-case basis and include interest subsidies, reimbursement of employee costs, full exemption from net SGST (State Goods and Service Tax) for 10 years, 100 per cent EPF (employee provident fund) reimbursement for residents of Uttar Pradesh up to Rs 2,000 per month, water tariff concessions, and a relief of 2 rupees per unit on electricity bills for 10 years.
State Finance and Parliamentary Affairs Minister Suresh Kumar Khanna briefed reporters after the meeting, explaining that semiconductor manufacturing is expanding rapidly in countries such as the United States, Europe, Japan, and Taiwan. The new measures aim to position India, and particularly Uttar Pradesh, as a leading hub for this strategic industry while generating substantial investment and employment opportunities. Out of 14 proposals presented to the cabinet, 13 received approval.
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In other decisions, the cabinet cleared the construction of a modern bus station on Tanakpur Road near the district headquarters in Pilibhit. The facility will be developed on 1.317 hectares of revenue department land leased to the Uttar Pradesh State Road Transport Corporation for 30 years, with the option to extend up to 90 years. The new station, expected to be completed within two years, will significantly ease travel for passengers heading to Uttarakhand and Nepal.
The cabinet also sanctioned the demolition of 11 dilapidated buildings at Shiv Prasad Gupta SSPG Divisional District Hospital in Varanasi to make way for a 500-bed multi-super specialty hospital at a cost of Rs 315.48 crore. The project, to be finished in four years, will be funded 60 percent by the central government and 40 percent by the state, bringing advanced medical care to patients in Purvanchal. Similarly, in Kanpur, the cabinet gave the go-ahead for demolishing old residential quarters of the 37th Battalion PAC and constructing 108 new Type-One Special housing units to improve living conditions for personnel.
Additionally, 50 acres of land in Tehsil Raja Talab, Varanasi district, will be provided free of cost on a 99-year lease from the Animal Husbandry Department to establish an off-campus of the National Forensic Science University, Gandhinagar. The new campus is expected to strengthen academic and technological capabilities in forensic science, cybercrime investigation, and criminal justice across the state. Further approvals included amendments to the recruitment rules for 18 vacant Regional Sports Officer posts in the Sports Department. Henceforth, two-thirds of the positions will be filled through promotion and one-third reserved for international medal winners from the Olympics, Asian Games, or Commonwealth Games.
Source: ZeeNews
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