The Indian biotechnology sector to grow from the current 5-7 billion USD to 100 billion USD by 2025 so that the current growth rate of 15% in this sector could be enhanced by twice to up to 30%. A roadmap on this is presented to the Union Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr. Jitendra Singh by Smt. Kiran Mazumdar Shaw, President of the Association of Biotechnology Led Enterprises (ABLE), and also happens Chairman and Managing Director (CMD) of Biocon Limited, who called on him here today. Smt. Kiran Shaw, visited Delhi from Bengaluru to attend the CEOs meet with US President, Mr. Barack Obama and handed over to Dr. Jitendra Singh a copy of the memorandum containing budgetary recommendations submitted to the government.
Dr. Jitendra 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. Dr. Jitendra Singh 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.
The memorandum submitted by ABLE made several recommendations to support the biotechnology industry. These include deduction of current tax incentives of 200% to be increased to 300% 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% to 25% weighted advantage over imported products in all government tenders. Dr. Jitendra Singh assured Smt. Kiran Shaw that he will take up all the suggestions with concerned departments to work out their feasibility and applicability. Biotechnology is the science of future and industry’s participation in future biotech ventures will also help in expanding the range of its utility as a means of social transformation, he added.