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Chidambaram inaugurates Bangalore Bio 2007

Special Correspondent

Centre to address issue of `early stage funding' in BT sector

BANGALORE: Union Finance Minister P. Chidambaram has promised the country's biotechnology industry that the Government will address the issue of "early stage funding" if the sector is facing funding problems.

Mr. Chidambaram said this on Thursday while inaugurating the three-day Bangalore Bio 2007, the seventh annual edition of the country's BT show being organised by the Karnataka BT Vision Group and the IT and BT Department here. His statement came in response to the suggestion made to this effect by Karnataka BT Vision Group chairperson Kiran Mazumdar Shaw who said the BT companies were facing funding problems in their early stages. He also took note of the concern expressed by the BT entrepreneurs that venture capital was not flowing to BT innovation projects.

As an effective tool

Mr. Chidambaram stressed the need for utilising BT as an effective tool for providing a boost to agricultural development. He said the Union Government was concerned over the slow growth rate of agricultural sector, though the country's overall economy was growing at a rapid pace.

He pointed out that the country had rich bio resources as well as talented human resources and could make a dramatic breakthrough in agricultural research if the country succeeded in bringing these two together.

India was importing wheat, pulses and oilseeds owing to shortages. This should only be a temporary measure to fill the gap between demand and availability, he said. BT had helped the country increase its cotton production; this should be replicated with food crops.

British High Commissioner in India Sir Michael Arthur, Victoria Governor David de Kretser, Institute of Molecular and Cell Biology Executive Director Sir David Lane, spoke.

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