In a high-level meeting on Wednesday, Uttar Pradesh Chief Minister Yogi Adityanath emphasized the crucial role of semiconductors in today’s rapidly evolving technology-driven era. He gave instructions to formulate the semiconductor policy for the state.
Global semiconductor revenues are estimated to surpass $950 billion in fiscal year 2022, showcasing vast opportunities in this sector. Yogi highlighted that the semiconductor chip sector has witnessed over $500 billion in investments in the last two years, with reputed companies announcing the establishment of fabrication units.
To attract investments in the semiconductor sector, the Government of India has committed a $10 billion incentive outlay. Yogi stressed the need for a comprehensive ecosystem, including fabrication units, mixed semiconductors, outsourced semiconductors, assembly and test units, testing, and packaging units.
The Chief Minister urged the state government to announce an attractive policy, aligning with the incentives provided by the central government. Uttar Pradesh is set to become the third state in the country to introduce such a policy.
Yogi Adityanath emphasized the provision for both financial and non-financial incentives under the policy to attract global semiconductor investors. He urged a thorough evaluation of policies from other states and consultation with industry experts while preparing the policy.
This move aligns with the larger national focus on semiconductor manufacturing services, including semiconductor fabs, display fabs, and compound semiconductors. Proposals received during the Global Investors Summit 2023 indicate positive momentum in this sector, which the state aims to capitalize on.
By ANI
