Latest News | Uttar Pradesh Unveils New Electronics Manufacturing Policy

Lucknow, Aug 18 (PTI) The Uttar Pradesh government on Tuesday unveiled a new electronics manufacturing policy to become a global electronics hub and attract international investors looking to shift their base to India in the post COVID-19 scenario.

The policy aims at inviting investments of Rs 40,000 crore in five years and creating four lakh direct jobs, an official spokesman said.

Also Read | Asus ZenFone 7 Series To Be Unveiled on August 26, 2020: Report.

Uttar Pradesh Electronics Manufacturing Policy 2017 got tremendous success and it achieved the given target of investment and employment generation in the third year itself.

Noida, Greater Noida and Yamuna Expressway regions have been established as one of the emerging mobile manufacturing hubs in the world which has attracted foreign direct investments from many countries.

Also Read | Assamese Made Compulsory as Medium of Instruction Till Class 5 in Assam Schools.

The state accounts for more than 60 per cent of all mobile phones manufactured in India.

To further accelerate the electronics ecosystem, the coverage of the new electronics manufacturing policy 2020 has been extended to the entire state from the current electronics manfacturing zones (EMZ) of Noida, Greater Noida and Yamuna Expressway regions.

The incentives proposed in the policy shall be applicable to all units setting up their bases anywhere in Uttar Pradesh, the spokesman said.

To address the regional imbalance, double the rate of land subsidy has been provided to investors for setting up manufacturing units in Bundelkhand and Purvanchal regions.

To promote MSME units in electronics manufacturing, the state government will encourage development of rental facilities on 'Plug and Play' model through public-private partnership (PPP) mode.

The state government envisages to create world-class infrastructure in the form of Centers of Excellence (CoEs) to promote research, innovation and entrepreneurship in the ESDM (Electronic System Design and Manufacturing) industry.

The state's focus will be to establish three Electronics Manufacturing Clusters focusing on mobile manufacturing, consumer durables, telecom, IT hardware, medical equipment, defense, among others.

Under the new policy, investors will be eligible for capital subsidy of 15 per cent and additional capital subsidy of 10 per cent on investment of more than Rs 1,000 crore.

They will also be eligible for interest subsidy of 5 per cent per annum on the loan obtained from scheduled banks/ financial institutions, the spokesman added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)