By Ishank Katyal
Uttar Pradesh on Friday announced that it will provide the financial incentives to South Korea’s Samsung Electronics Co to set up a display factory worth $654.36 million.
Samsung is relocating the factory from China to Uttar Pradesh, said UP’s administration in a statement. This move will help boost Prime Minister Narendra Modi’s Atmanirbhar Movement to make India world’s biggest manufacturing hub.
Earlier 2020, New Delhi has also provided the financial incentives under $6.65 billion federal plan to upgrade the domestic smartphone production for 16 companies including Samsung and top Apple suppliers Foxconn, Wistron and Pegatron.
Uttar Pradesh Administration also said that Samsung will accept 7 billion rupees as financial benefits and will also get the tax exemption which is usually payable on the transfer of the land for the factory.
The new unit is expected to create 510 new direct job opportunities next year.
India is the world’s second biggest smartphone market with massive growthy potential, which has driven companies like Samsung, Apple and Xiaomi to expand locally.