Biotechnology sector to grow from USD 5-7 bn to USD 100 bn by 2025
Updated: Jan 28, 2015 01:14:59pm
New Delhi, Jan 28 (KNN) The Indian biotechnology sector is set to grow from the current USD 5-7 billion to USD 100 billion by 2025 so that the current growth rate of 15 per cent in this sector could be enhanced by twice to upto 30 per cent, according to President of the Association of Biotechnology Led Enterprises (ABLE), Kiran Mazumdar Shaw.
She presented a roadmap on this to Union Minister of State of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances and Pensions, Atomic Energy and Space, Dr. Jitendra Singh here on Tuesday.
Shaw who is also the Chairman and Managing Director (CMD) of Biocon Limited also presented a copy of the memorandum containing budgetary recommendations submitted to the government, an official release said.
The memorandum submitted by ABLE made several recommendations to support the biotechnology industry. These include deduction of current tax incentives of 200 per cent to be increased to 300 per cent with a validity of three years and extension of 10 years of tax holiday for biotech/farming establishments by another 2 years.
Invoking the “Make in India” agenda of the present government, the memorandum also pleads for the indigenously made products to be given 15 per cent to 25 per cent weighted advantage over imported products in all government tenders.
Singh said the government is keen to promote all kinds of upward activities in Biotech sector and said that the suggestions offered by the ABLE would be given due consideration and dealt with a positive approach.
He agreed that the key States of India where the biotechnology is likely to grow in near future are Karnataka, Telangana, Andhra Pradesh and Gujarat but suggested that a focused planning is required to spread it to other States as well because this will not only add to the current growth rate but will also help create new avenues of employment particularly skilled jobs.
Singh also assured Shaw that he will take up all the suggestions with concerned departments to work out their feasibility and applicability.
Biotechnology is the science of the future and industry’s participation in future biotech ventures will help in expanding the range of its utility as a means of social transformation, he added. (KNN/ES)
She presented a roadmap on this to Union Minister of State of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances and Pensions, Atomic Energy and Space, Dr. Jitendra Singh here on Tuesday.
Shaw who is also the Chairman and Managing Director (CMD) of Biocon Limited also presented a copy of the memorandum containing budgetary recommendations submitted to the government, an official release said.
The memorandum submitted by ABLE made several recommendations to support the biotechnology industry. These include deduction of current tax incentives of 200 per cent to be increased to 300 per cent with a validity of three years and extension of 10 years of tax holiday for biotech/farming establishments by another 2 years.
Invoking the “Make in India” agenda of the present government, the memorandum also pleads for the indigenously made products to be given 15 per cent to 25 per cent weighted advantage over imported products in all government tenders.
Singh said the government is keen to promote all kinds of upward activities in Biotech sector and said that the suggestions offered by the ABLE would be given due consideration and dealt with a positive approach.
He agreed that the key States of India where the biotechnology is likely to grow in near future are Karnataka, Telangana, Andhra Pradesh and Gujarat but suggested that a focused planning is required to spread it to other States as well because this will not only add to the current growth rate but will also help create new avenues of employment particularly skilled jobs.
Singh also assured Shaw that he will take up all the suggestions with concerned departments to work out their feasibility and applicability.
Biotechnology is the science of the future and industry’s participation in future biotech ventures will help in expanding the range of its utility as a means of social transformation, he added. (KNN/ES)
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