In a significant boost to the semiconductor industry in Uttar Pradesh, the state government has approved an incentive package worth ₹8,500 crore for two semiconductor manufacturing projects in Noida. The projects, proposed by Tarq Semiconductors and Vama Sundari Investments (Delhi), are expected to attract a combined investment of ₹32,146 crore.
The incentive package includes capital subsidies, land rebates, and tax exemptions, among other benefits. Tarq Semiconductors, a part of the Hiranandani Group, will receive a capital subsidy of ₹7,037 crore, along with a 75% rebate on land costs valued at ₹321 crore and 100% exemptions on stamp duty and registration fees amounting to ₹30 crore. Vama Sundari Investments has received a capital subsidy of ₹919.31 crore, a land rebate of ₹124.37 crore, and stamp duty exemptions worth ₹1.16 crore .
The Uttar Pradesh government’s Semiconductor Policy-2024 aims to promote the growth of the semiconductor industry in the state. The policy offers various incentives, including capital subsidies, interest subsidies, and land rebates, to attract investors to the state. The policy also provides for the creation of a semiconductor park and the establishment of a semiconductor research and development centre .
The approval of the incentive package is expected to give a significant boost to the semiconductor industry in Uttar Pradesh. The state government’s efforts to promote the growth of the industry are likely to attract more investors to the state and create new job opportunities.
The semiconductor industry is a critical component of the electronics manufacturing ecosystem, and the growth of this industry is essential for the development of the country’s electronics manufacturing sector. The Uttar Pradesh government’s initiatives to promote the growth of the semiconductor industry are likely to have a positive impact on the state’s economy and contribute to the country’s overall economic growth.
