Odisha cabinet amends semiconductor policy to enhance investor attraction: Read details

Prameyanews English

Published By : Prameya News Bureau | February 23, 2024 IST

semiconductor

Bhubaneswar, Feb 23: The Odisha Cabinet on Thursday amended the Odisha Semiconductor Manufacturing and Fabless Policy-2023 to enhance investor attraction for establishing semiconductor and electronic chip manufacturing facilities, as well as fabless design units in the state.

The state government had introduced the Odisha Semiconductor Manufacturing and Fabless Policy- 2023 in September last year.

Under the revised provisions, mega projects exceeding Rs 500 crore in investment will now have easier access to an upper limit of Rs 25 crore per annum for a period of 7 years towards interest subsidy.

The previous 5 per cent cap for interest subvention has been eliminated to facilitate larger investments in semiconductor manufacturing.

Furthermore, mega projects will be entitled to reimbursement of R&D expenditures up to Rs 2 crore annually for a period of 10 years.

Additionally, all units are eligible to apply for the Production Linked Incentives (PLI) incentive for a continuous period of 5 years within the 7 year period following the commencement of production.

In terms of skill development, eligible units will receive reimbursement of up to Rs 2 crore per annum for 5 years to facilitate the training of their employees engaged in core operations.

The policy aims to create an ecosystem conducive to semiconductor research and development (R&D), design, and manufacturing firms while nurturing a talented workforce in semiconductor design.

 

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