The Hindu : National : Draft national biotechnology development strategy released

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Friday, Apr 01, 2005

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National

Draft national biotechnology development strategy released

By Our Special Correspondent

NEW DELHI, MARCH 31. The Union Science and Technology Minister, Kapil Sibal, today released a draft national biotechnology development strategy that envisages the establishment of a single high-powered regulatory authority and changes in the rules to provide for a faster and more efficient clearance for all biotechnology products.

The highlights of the draft document includes a proposal to exempt all biotech units from the requirement of compulsory licensing and allow 100 per cent Foreign Direct Investment through the automatic route. It proposes to fund biotech parks promoted by a private industry or through public-private partnership in the form of a grant up to 30 per cent of the total cost or up to 49 per cent in the form of equity. It plans to continue all existing fiscal incentives for the industry up to 2010 and a scheme to facilitate the flow of incentives applicable to Export Oriented Units to units in the biotech parks.

Addressing a press conference, Mr. Sibal said the draft would be kept in the public domain for the next six weeks to get suggestions from different sections of society before it was finalised.

The document is being placed on the website of the Department of Biotechnology (www.dbtindia.org) . Once finalised, the document would have a detailed time-table for the implementation of the various provisions. It would have a clear mention of the financial aspects at that time.

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