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Posted: September 21, 2007
India Releases Incentive Program Guidelines to Attract Nanotechnology Manufacturing
(Nanowerk News) The government of India’s Ministry of Communications & Information Technology released the "Special Incentive Package Scheme" (SIPS) aimed at encouraging investments for setting up semiconductor fabrication facilities and other micro and nanotechnology manufacturing industries in India.
The cabinet approved the policy back in March to offer incentive packages that provide subsidies in the form of tax breaks and interest-free loans amounting to 20 percent of capital expenditures for projects in special economic zones and 25 percent of projects elsewhere - with the caveat that interested semiconductor companies would need to invest at least $550 million to qualify for the subsidies.
Announcing the policy—which will extend through 2010—IT minister Dayanidhi Maran said India can expect more than $10 billion of foreign direct investment.
Source: Ministry of Communications & Information Technology