Lucknow (Uttar Pradesh) [India], January 4 (ANI): Uttar Pradesh Chief Minister Yogi Adityanath has directed the formulation of a semiconductor policy for the state, recognizing the crucial role of semiconductors in today’s technology-driven era.
During a high-level meeting, Chief Minister Yogi underscored the significance of semiconductors and instructed officials to develop a comprehensive policy in this regard.
The semiconductor industry is experiencing exponential growth, with estimated global revenues exceeding USD 950 billion in the fiscal year 2022. This industry holds immense potential for various avenues of development.
Chief Minister Yogi mentioned that the semiconductor chip sector has witnessed an investment of over USD 500 billion in the past two years, with several renowned companies expressing their intent to establish fabrication units in the state.
To attract further investment in the semiconductor sector, the Government of India has announced an incentive outlay of USD 10 billion. Chief Minister Yogi emphasized the need to create a conducive environment by fostering the establishment of fabrication units, mixed semiconductors, outsourced semiconductors, assembly and test units, as well as testing and packaging units.
The state government should announce its attractive policy in this regard. We have also received encouraging proposals in this sector during the Global Investors Summit 2023. We should take advantage of these opportunities, stated Chief Minister Yogi. Uttar Pradesh will be the third state in the country to disburse financial and non-financial incentives under such a policy.
He further suggested evaluating the policies of other states and consulting industry experts and stakeholders while formulating the semiconductor policy.
With this initiative, Uttar Pradesh aims to tap into the potential of the burgeoning semiconductor industry and position itself as a key player in this rapidly evolving technology ecosystem.
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