Bhopal, Feb. 7 -- Madhya Pradesh Chief Minister Mohan Yadav has said that semiconductor manufacturing will be a major attraction for investors at the Global Investors Summit (GIS) 2025, scheduled on February 24-25 in Bhopal.
He also said that to strengthen the sector, the state cabinet has approved the 'Madhya Pradesh Semiconductor Policy-2025', aimed at boosting investments and generating employment opportunities.
The state's new policy is expected to intensify the push for 'India Semiconductor Mission', a vision of Prime Minister Narendra Modi to make India a leader in electronics manufacturing, semiconductor design, manufacturing and innovation ecosystem.
"The policy will drive the state's growth in semiconductor manufacturing, attracting both domestic and foreign investors, enhancing global competitiveness, strengthening the local economy, and creating job opportunities for the youth", the CM said.
The initiative is expected to position Madhya Pradesh as a competitive player in the global semiconductor market, enhancing its industrial landscape, the CM said.
"Semiconductor is the heart of modern economics. In today's technology-driven world, where nearly everything revolves around electronic gadgets, the importance of these microchips increases even more," an electronics expert said. "If the manufacturing of integrated circuits takes place in the state, it will not only boost its economy but also push job opportunities," the expert added.
For the first time, Bhopal will host the GIS, which is likely to be inaugurated by PM Modi, and the preparations for the event are at pace.
Chief Secretary Anurag Jain and Principal Secretary of Industrial Policy and Investment Promotion Department Raghwendra Kumar Singh are personally overseeing the preparations of the summit
to make it historic.
"I engaged with the CII members about MP&'s transformative reforms, investor-friendly policies, and thriving business environment, inviting them to join the state's growth at GIS," Raghwendra Kumar Singh said at an event on Friday.
With the initiative 'Madhya Pradesh Industry and Employment Year 2025', over Rs 3.84 lakh crore investment proposals received, expected to generate 3.70 lakh jobs, during the Regional Industry Conclaves conducted in the states, Interactive Sessions in major cities of the country, and foreign tours of the United Kingdom and Germany.
The new policy offers various incentives to encourage investments, including a Capital Investment Grant, up to 25% of total investment or 50% of the central government's subsidy, and up to 40% capital investment subsidy for private projects. It also provides low-interest loans with up to 6% interest subsidies for five years, affordable land at concessional rates, and a 2 per unit power tariff subsidy for 10 years.
Additionally, projects worth over Rs 400 crore will receive tax exemptions, infrastructure support, and financial
assistance.
Published by HT Digital Content Services with permission from Millennium Post.