Samsung's unit to be set up in Noida instead of China, another economic shock to China

- Uttar Pradesh government ratifies Samsung's proposal

New Delhi Dated 12 December 2020 Saturday

It was learned that the multinational company Samsung, which had earlier planned to set up a plant in China, would now set up a plant in Noida, Uttar Pradesh, India.

On Friday, the Uttar Pradesh cabinet ratified Samsung's proposal. Thus China suffered one more economic blow. If Samsung sets up a plant in Noida, it will get a subsidy of Rs 460 crore under the Government of India's Scheme for Promotion of Manufacturing of Electronics Components and Semiconductors (SPECS-Specs).

Under the scheme, the state government will provide capital subsidy and relief in stamp duty under the electronics manufacturing policy. Samsung will invest Rs 4,825 crore in Noida and provide livelihood to about 1,500 local youth. Samsung currently owns 70 percent of the world's televisions, mobile phones, watches and computers. Noida and Uttar Pradesh will have a distinct identity in the world as Samsung's unit will be set up in Noida.

Last year, Samsung exported 2. 2.7 billion. It planned to export 50 50 billion over the next five years.