AI spending to touch $5 billion by 2027AI spending to touch $5 billion by 2027

Virendra Singh Rawat

Looking to pitch Uttar Pradesh as a prospective semiconductor fabrication destination, the Yogi Adityanath government is hammering out a policy to woo the private sector players.

According to estimates, the global semiconductor ecosystem generated revenues of $950 billion in the fiscal year 2022.

Presiding over a high level meeting here yesterday, UP chief minister Adityanath said over the last two years, semiconductor chip majors announced investment of $500 billion to set up fab units.

“Semiconductor manufacturing is a vast field and UP must seize the opportunity,” he said adding semiconductor units will get financial and non-financial incentives in the state.

He directed officials to draft a competitive semiconductor fab policy to pitch UP as the most favorable state for high-tech manufacturing as the significance of semiconductors has risen in the current technology-driven era.

To attract investment in the semiconductor sector, the Centre has announced an incentive outlay of $10 billion apart from other sops for services like semiconductor fabs, display fabs, and compound semiconductors.

Meanwhile, UP is already scouring for big private sector investment in data centre and software development spaces especially in the Noida region.

Leave a Reply

Your email address will not be published. Required fields are marked *