UP Government Plans To Strengthen Semiconductor Industry

- Advertisement -
- Advertisement -
  • More than 12 companies have already showcased interest in establishing semiconductor plants in the state
  • Under the new policy, investors would get a 100 per cent stamp duty waiver on registration of land or leasehold

The Uttar Pradesh (UP) government has shared its plans to explore the Centre’s $10 billion production-linked incentive (PLI) scheme to promote semiconductor fabrication in India.

As the domestic sector is showcasing huge growth of $100 billion by 2025 from $10 billion in 2020, the state has made an agenda to become a leading player in the industry.  The UP government has recently shared its fresh policy for chip manufacturing — the UP Semiconductor Policy 2024 — on the lines of Gujarat, Odisha and Tamil Nadu.

The UP government has shared that more than 12 companies have already showcased interest in establishing semiconductor plants in the state.

- Advertisement -

Under the new policy, investors would get a 100 per cent stamp duty waiver on registration of land or leasehold, shared UP Cabinet Minister Yogendra Upadhyay. The state would also provide a 75 per cent land subsidy on 200 acres. On additional land, the subsidy would be 30 per cent.

If a company invest almost Rs 200 crore, it will be eligible for a 5% annual interest subsidy. The company will get a subsidy of up to Rs 10 crore for research and development.

Under the new policy, Uttar Pradesh anticipates substantial investments that could boost the state’s socioeconomic growth and create employment opportunities for the aspiring youth. The central Production-Linked Incentive (PLI) framework targets accelerating the entire semiconductor value chain, encompassing microchip design, manufacturing, packaging, and testing. Projections indicate a robust compound annual growth rate of over 12%, with the global semiconductor market poised to reach $1.38 trillion by 2029, surging from $574 billion in 2022.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

Europe

European Car Market’s Best Post-Pandemic Year, Driven By 2 Million EVs

0
In 2023, Tesla surpassed Nissan and Volvo as battery-electric vehicles (EVs) neared the sales of diesel cars. For the first time in Europe, EV...

Global EV Sales: 69% Annual Increase, 26% Monthly Decrease – Rho Motion

0
In January, sales of fully electric cars and plug-in hybrids reached 1.1 million, an increase from 660,000 in January 2023. In January, global electric vehicle...

India Shifts Towards Expensive Smartphones, Market Stabilised With 2% YoY Decline In 2023

0
The Indian smartphone market is expected to grow by 5% for 2024, driven by 5G adoption and device upgrades. India's smartphone market experienced a slight...

Buzz

AI

Big Techs Collate To Protect Elections From AI Deception

0
The signatories of the tech accord include OpenAI, Microsoft, Adobe, and social media platforms like Meta Platforms, TikTok, and X. On February 16, a coalition...

CERC Issues Tariff Regulations For Renewable Energy Sources

0
The regulations empower CERC to relax provisions under special circumstances and address implementation difficulties. The Central Electricity Regulatory Commission (CERC), using its authority under the...

Tata Group On Partnership Lookout For Dholera Plant, Could Be UMC Or PSMC

0
The plant will start with initial capacity of 25,000 wafers per month, to 700-1,000 semiconductor chips per day at full efficiency. The Tata Group is...

Important Sectors

With Electric Vehicles, The Vehicle Service Industry Will Undergo The Biggest Disruption

0
With electric vehicles (EVs) becoming mainstream in India, how is the vehicle service sector responding? As this sector employs a large fraction of individuals...

CERC Issues Tariff Regulations For Renewable Energy Sources

0
The regulations empower CERC to relax provisions under special circumstances and address implementation difficulties. The Central Electricity Regulatory Commission (CERC), using its authority under the...

Tata Group On Partnership Lookout For Dholera Plant, Could Be UMC Or PSMC

0
The plant will start with initial capacity of 25,000 wafers per month, to 700-1,000 semiconductor chips per day at full efficiency. The Tata Group is...

Indian Govt Announces Two Multi-Billion Dollar Semiconductor Plants

0
India aims to further its success in electronics manufacturing, targeting $300 billion by 2026-27 The government has received four proposals for semiconductor manufacturing...

Applied Ventures Invests In VVDN Technologies To Boost Semiconductor Ecosystem

0
The investment underscores Applied Ventures' dedication to nurturing innovation, collaboration, and entrepreneurship within the semiconductor and electronics manufacturing landscapes. Applied Ventures, LLC has announced a...

Manufacturing

BorgWarner Produces E-Motor Parts For Chinese Automaker

0
In January 2024, production started for use in XPeng's X9 MPV; stator winding technology provides exceptional power density and efficiency, while oil cooling enhances...

Volkswagen Group And M&M Ink Supply Deal For MEB Components

0
The agreement includes the provision of specific electric components and unified cells. Volkswagen Group and Mahindra & Mahindra (M&M) have finalized the first supply agreement...

ZF Launches TN plant, Eyes EV Growth And Exports; Plans INR 1800 Cr Investment

0
The Oragadam facility marks ZF's 19th in India and 10th in TN, with 80% of its workforce expected to be women. In the first...

StoreDot’s Fast-Charging Cells Hit 100 Miles In 4 Minutes

0
StoreDot achieved its '100in4' goal ahead of schedule in early prototype tests through a series of cell improvements, enabling extremely fast charging with existing...

CG Power, Renesas, And Stars Microelectronics To Establish Chip Plant In India

0
The Murugappa Group, a new player in the Indian electric vehicle (EV) market and based in Chennai, stands to gain from the internal provision...