29 June , 2022 Fdiindia
To Attract More FDI, Yeida Extends the Deadline to Apply for Plots
The Yamuna Expressway Industrial Development Authority (YEIDA) has recently extended the last date to apply for the plots in Uttar Pradesh’s 1st Medical Device Park scheme. This scheme was first set to end on June 22 but, as the allottees will now get to enjoy all the incentives and benefits from the government of India, the scope for FDI has been increased and the new deadline is July 7.
The medical park will come up in the vicinity of Noida International Airport along the Yamuna Expressway and will be spread out over 92,648 square meters (sqm). The areas earmarked in the medical park include an information technology center, a design center, an electronic system, and design facility, a censor testing-integrating facility, an electronic assembling facility, a medical technology center, a common tooling room, a biomaterial testing facility, a digital display zone, and a computing center among others.
As per officials, there are 11 benefits that have been offered to allottees under the Medical Device Park scheme. These include an incentive of up to 7.5?pital interest subsidy, an SGST rebate of 70% on net GST (SGST), and incentives for air cargo handling charges and freight corridors are a few major ones among them. While the other benefits to name are EPF reimbursement, skill development incentive, zero waste incentive, patent filing, exemption on stamp duty, incentives on several utility charges, and Quality Certification with a reimbursement of 75% for the cost incurred for ICO Certification.
During the Covid summit in 2015, several participants voiced that many hospitals had to import medical equipment due to the unavailability of such products in our country. Taking forward the Make in India initiative, we aim to boost our country's health infrastructure so that surgical equipment, medicine, beds, and ventilators are made available within the country through local production, said Shailendra Bhatia, an officer on special duty at YEIDA.
Speaking about the importance of this project, OSD Shailendra Bhatia told reporters that with the facility being operational, the authority aims to attract investments worth over Rs 3,800 crore along with providing employment to over 15,000 people. He also stated that they would provide jobs for local youths and ensure their welfare.
YEIDA managed to also rope in Ernst & Young Consultants as a means of supervision. For now, they are focusing on monitoring the Medical Device Park and Facility Centers - as well as promoting them- Lastly, they are aiding these departments. Interested parties are invited to apply for the park plots until July 7th. To start, YEIDA will sell 126 plots, ranging from 1,000 sqm to 4,000 sqm in size on 110 acres of land. Any leftovers after allocating these initial ones will be given out via a lucky draw in Phase 2.