UP’s semiconductor policy gets cabinet nod

LUCKNOW The Uttar Pradesh Cabinet on Thursday gave approval to the state’s own Semiconductor Policy-2024, which aims at providing incentives to investors, making UP a hub of semiconductor ecosystem and aiding the country’s push towards chip manufacturing.
Chief minister Yogi Adityanath presided over the meeting of the cabinet that approved the policy valid for five years.
With this, UP becomes the fourth state to have a semiconductor policy after Gujarat, Odisha and Tamil Nadu, said finance minister Suresh Khanna and higher education minister minister Yogendra Upadhyay briefing media persons.
UP’s policy is the best and provides capital, financial and non-financial incentives to investors in the semiconductor manufacturing sector, claimed Upadhyay.
Those aware of the development said the policy provides that the UP government would give 50% subsidy of the capital subsidy given by the union government. It provides for interest subsidy of up to a maximum ₹1 crore for units investing up to ₹200 crore.
The policy also provides for 75% rebate on the first 200 acres land and 30% rebate on additional land while there will be 100% exemption on stamps and registration duty on purchase of land.
According to a press release, the demand for semiconductors is likely to reach USD 100 billion by 2025. The demand for semiconductors was mostly met by imports and UP’s policy would provide an opportunity for the state to take a lead and become a trillion-dollar economy.
The IT and electronics department would be nodal agency for the policy. A policy implementation unit would be set up under the chairpersonship of addition chief secretary/principal secretary of IT and electronics department.
LAND USE CONVERSION CHANGE FEE
The state cabinet approved a proposal to exempt land use conversion change fee on the change of land use from agriculture to industry in the area under development authorities. Finance minister Suresh Khanna said the state government’s policy announced in 2017 did not provide for any land use conversion charge. He said provision for not levying any land use conversion fee has now been added to the 2022 policy.
TAX EXEMPTION FOR METRO/RRTC
The cabinet also gave nod to a proposal to exempt Metro Rail/RRTC and their properties from taxes by municipal corporations under the provisions of Uttar Pradesh Nagar Nigam Adhiniyam.
RENAMING AYODHYA AIRPORT
The cabinet approved the proposal to rename Ayodhya International Airport as the Mahrishi Valmiki International Airport Ayodhya Dham.
PROBE INTO ATIQ, ASHRAF KILLING
A proposal to place the report of justice Dilip Baba Saheb Bhosale-led commission on the floor of the state legislature was approved by the state cabinet. The government had constituted the five-member commission led by former chief justice Dileep Baba Saheb Bhosale to probe the killings of Atiq Ahmed and Khalid Azim alias Ashraf when they were being taken for medical checkup at Moti Lal Nehru divisional hospital in Prayagraj on April 15, 2023. Both the accused were in police remand in connection with Umesh Pal murder case.
Housing for security forces in Ayodhya
The UP cabinet approved a proposal to construct housing and other buildings for security forces in Ayodhya. These would be constructed on the land of secondary education department, said an official spokesman.
Financial sanction for construction of housing and other buildings for UP special security force and Veerangana Uda Devi women police battalion in Lucknow and other districts was also given the nod.
The cabinet approved a proposal sanctioning Seventh Pay Commission scales to agriculture universities.