For the project, the state government has set aside 1000 acres of land close to Noida International Airport Limited (NIAL).
This month, the Yogi Adityanath administration is probably going to introduce a new initiative to boost the state’s aviation sector.
For the project, the state government has set aside 1000 acres of land close to Jewar’s Noida International Airport Limited (NIAL).
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Facilities for manufacturing and assembling aircraft components as well as whole aircraft will be built as part of this project. It is anticipated that numerous foreign corporations, including American ones, as well as Indian companies will set up their manufacturing facilities.
The Yamuna Expressway Industrial Development Authority (YEIDA) chief executive officer, Arunvir Singh, announced that the process of purchasing 1,365 hectares of land for the Noida International Airport’s second phase is already underway.
He continued, “This area will be developed as an Aviation Hub and for Maintenance, Repair, and Overhaul (MRO).”
Larger plots will also be available, and individual units will be built on five-acre lots.
This program will incentivize enterprises who assemble aircraft, produce engines, manufacture nozzles, and manufacture other aircraft equipment to open their doors.
In order to help international businesses, Arunvir Singh mentioned that the state government has just released a foreign direct investment (FDI) policy.
This policy provides foreign companies with a 75 percent land subsidy, capital subsidies of up to ₹100 crore, a 10-year 100% state goods and services tax (GST) reimbursement, and up to 500 individuals engaged in patenting, training, and skill development can receive financial support of ₹5,000 for seven years.
Furthermore, equipment imported from overseas nations will be exempt from customs duties.
Source- Hindustan times