The government of Uttar Pradesh (UP) has issued instructions to prepare the semiconductor policy of the state.
According to Chief Minister Yogi Adityanath, the semiconductor chip sector has announced an investment of more than $500 billion in the last two years. Various reputed companies have announced the setting up of fabrication units. The minister said that to attract investment in the semiconductor sector, the central government has decided to provide an incentive outlay of $10 billion. For the semiconductor and display ecosystem, having fabrication units, mixed semiconductors, outsourced semiconductors, assembly and test units, testing, and packaging units creates a better ecosystem. He stated that UP also needs to create such an environment.
Further, the minister said that the state government should announce its attractive policy in this regard. He informed that the state government has also received encouraging proposals in this sector during the Global Investors Summit 2023.
Yogi suggested that there should be a provision for the disbursement of financial and non-financial incentives under its policy to attract global semiconductor investors. UP will be the third state in the country to do so. He stated that while preparing the policy, the policies of other states should also be evaluated and consultations with industry experts or stakeholders should be held.
