The government of Uttar Pradesh has received proposals for projects worth Rs 400.38 billion under its new policy to incentivise semiconductor manufacturing and attract global investments in the state.
As per the statement, Tarq Semiconductor is expected to invest Rs 284.4 billion while Kaynes Semicon, subsidiary of Kaynes Technologies, is set to invest Rs 42.48 billion. In addition, Aditech Semiconductor has proposed an investment of Rs 37.51 billion and Vamasundari Investment Delhi has planned to invest Rs 35.99 billion. Meanwhile, the projects are expected to create over 32,000 jobs in the state.
Further, the state semiconductor policy provides for an additional capital subsidy of 50 per cent on the capital subsidy approved by the union government under the India Semiconductor Mission, along with a 5 per cent per annum interest subsidy with investment up to Rs 2 billion. Moreover, it covers aspects including compound semiconductors, silicon photonics devices and integrated circuits in addition to manufacturing of components like assembly, testing, marking, and packaging (ATMP), outsourced semiconductor assembly and test (OSOT), application-specific integrated circuits (ASICs), micro-electro-mechanical systems (MEMS), and sensors.
Furthermore, the state aims to leverage its strategic advantages to boost economic development and technological advancement. In addition, the state government is working to ensure adequate land and infrastructure for these projects and coordinating with the central government and relevant stakeholders to expedite implementation of the policy.
