UP to match Centre's 100% incentive for electronics component makers: State IT Minister

The Uttar Pradesh government will match 100 per cent of the incentive amount approved by the Centre for electronics components makers investing in the state under the electronics component manufacturing scheme, a state cabinet minister said on Thursday.

Uttar Pradesh government minister for electronics and IT, Sunil Kumar Sharma said that the state has not kept any cap on the incentive amount and will match the amount approved by the centre for electronics component makers.

''There is a policy on electronic components. We have just announced it. There are around 20 specific components. We will subsidise 100 per cent. The Indian government will give up to 50 per cent incentive on the capital. And as much as the Indian government, the Uttar Pradesh government will also give,'' Sharma said.

He was speaking on the sidelines of the inauguration of a mobile charger facility set up by mobile phone maker Lava here.

Centre Electronics Component Manufacturing Scheme (ECMS) has provision for maximum incentive of up to 50 per cent of the cumulative actual eligible incremental investment made by the applicant during the scheme tenure.

The Centre had earlier earmarked a total incentive of up to Rs 23,000 crore, but has now added Rs 40,000 crore more for the scheme due to huge interest in the segment.

The government has till date approved 75 applications under ECMS amounting to expected investment of Rs 61,671 crores and expected direct employment for 65,040 persons.

Sharma said that he has not come across any application under the ECMS scheme yet and the state government has cleared all incentives that were promised under different schemes.

''We have cleared the entire amount that was to be paid for the incentives. There may be pendency on the applicant side but there is none with the state government,'' Sharma said.

He said that the state government is offering 60 per cent of the centre's incentive for semiconductor projects.

''The Centre is offering up to 50 per cent subsidy on total capital investment for semiconductors. We are offering 60 per cent of the amount approved by the centre. With this, an investor investing in UP can get up to 80 per cent of the incentive on their total investment. Besides this, we are offering a waiver on land registration fee and other facilities as well,'' Sharma said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)