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UP Govt's Semiconductor Policy Attracts Investment Proposals of Rs 40,038 Cr, Projected to Create over 32,000 Jobs - News18

UP Govt's Semiconductor Policy Attracts Investment Proposals of Rs 40,038 Cr, Projected to Create over 32,000 Jobs - News18
According to officials at Invest UP, the agency established to foster investment and industrial development in the state, the Yogi Adityanath government is actively working to bring these proposals to fruition, ensuring a smooth transition from planning to execution

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Uttar Pradesh Semiconductor Policy 2024 Attracts Over Rs 40,000 Crore Investment, 32,000 Jobs

The approval of Uttar Pradesh’s Semiconductor Policy 2024 has led to a surge in investment proposals, with the state receiving projects totalling Rs 40,038 crore and poised to create over 32,000 jobs. Notable companies investing under this policy include Tarq Semiconductors Pvt Ltd, Kaynes Semicon Private Limited, Aditech Semiconductor Private Limited, and Vama Sundari Investment Delhi Private Limited.

Tarq Semiconductors Pvt Ltd is set to invest approximately Rs 28,440 crore, with the potential to create around 11,000 jobs. Kaynes Semicon Private Limited plans an investment of Rs 4,248 crore, aiming to generate employment for about 12,000 individuals. Similarly, Aditech Semiconductor Private Limited has proposed an investment of Rs 3,751 crore, which is projected to create 5,500 jobs. Vama Sundari Investment Delhi Private Limited is planning an investment of Rs 3,599 crore, expected to create around 3,780 jobs.

The UP Semiconductor Policy provides an additional capital subsidy of 50 per cent on the capital subsidy approved by the central government, alongside a 5 per cent per annum interest subsidy on investments up to Rs 200 crore. These incentives are designed to attract global investors and facilitate the establishment of semiconductor units in the state, positioning UP as a central hub for the semiconductor ecosystem.

The semiconductor policy addresses a wide range of industry aspects, encompassing both materials and manufacturing processes, including compound semiconductors like Gallium Nitride (GaN), Silicon Carbide (SiC), and Gallium Arsenide (GaAs), alongside silicon photonics devices and integrated circuits.

According to officials at Invest UP, the agency established to foster investment and industrial development in the state, the Yogi Adityanath government is actively working to bring these proposals to fruition, ensuring a smooth transition from planning to execution. The state government is also working to ensure the availability of adequate land and infrastructure for these projects, maintaining coordination with the central government and relevant stakeholders to expedite the implementation of this policy.

Chief minister Yogi Adityanath emphasized the state’s commitment to providing all necessary support to investors, stating: “The semiconductor policy is a testament to our dedication to creating a conducive environment for technological innovation and industrial growth in Uttar Pradesh. We are focused on facilitating seamless investment processes and ensuring timely approvals for projects.”

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