Indian biotech sector to cross $100 bn by
2025
28/01/2015 12:07
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 per cent in this sector could be enhanced by twice to up to 30 per cent, said Kiran Mazumdar Shaw, Biocon chairman, in a presentation to Union Minister Jitendra Singh.
Kiran Mazumdar, who visited Delhi from Bengaluru to attend the CEOs meet with US President, Barack Obama, handed over a copy of the memorandum containing budgetary recommendations submitted to the government.
Jitendra Singh said that 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.
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 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 assured 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.
28/01/2015 12:07
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 per cent in this sector could be enhanced by twice to up to 30 per cent, said Kiran Mazumdar Shaw, Biocon chairman, in a presentation to Union Minister Jitendra Singh.
Kiran Mazumdar, who visited Delhi from Bengaluru to attend the CEOs meet with US President, Barack Obama, handed over a copy of the memorandum containing budgetary recommendations submitted to the government.
Jitendra Singh said that 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.
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 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 assured 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.
