India is making the headlines for all the right reasons. Since India is a perfect platform for the tech giants to pull its customers, the South Korean brand Samsung is all geared up to shift its mobile and IT display production unit to Uttar Pradesh from China. The company is slated to invest approximately Rs 4,825 crore in the state which will generate thousands of jobs.
It has been reported that the new production plant by Samsung will be the first high-technique project, which will be set up in India after relocating from China. About 1,500 people will be given employment through this project and it will also generate thousands of indirect jobs.
On Friday, the UP government’s cabinet headed by Chief Minister Yogi Adityanath approved special incentives to Samsung Display Noida Private Limited for setting up a manufacturing unit of mobile and IT display products in Noida.
“The unit intends to invest Rs 4,825 crore. It could be made possible by the sustained efforts of the UP government to create an eco-system in NCR in sync with the intent of the Centre to make an export hub in view of the ever-increasing demand of mobile and other gadgets in the country and abroad,” the Uttar Pradesh spokesperson said.
Under the state government’s “Electronics Manufacturing Policy 2017”, the South Korean telecommunication giant will get an exemption from stamp duty on the transfer of land. The state government will also make financial provision of Rs 250 crore for this project for the next five years, the official said.
Samsung will also receive a financial incentive to the tune of Rs 460 crore under the Centre’s Scheme for Promotion of Manufacturing Electronic Components and Semiconductors (SPECS).
The project will give a global identity of an export hub to Uttar Pradesh and will help the state receive more foreign direct investment (FDI).
This is indeed a big achievement for the UP government, especially during the pandemic phase. The world now believes that India can do very well and that we can contribute greatly towards the welfare of mankind. After the COVID-19 pandemic, many companies are looking to shift from China to India.
The Uttar Pradesh government led by Chief Minister Yogi Adityanath has been putting in all efforts to attract these investors to the state, which would help in reviving the pandemic-hit economy. UP Chief Minister Yogi Adityanath has held video-conferencing with over 100 American companies recently in a webinar after these companies expressed their interest in India.
The UP government has taken significant steps to attract foreign investors who are contemplating opting out of China in the wake of the coronavirus outbreak. Yogi Adityanath took the reigns of the state, the government has been pitching itself as an attractive investment destination in the country.