$87.5 Million approved for bio-technology innovations

New Delhi:The government Thursday approved a 3.5 billion ($87.5 million) public-private partnership programme to carry out bio-technology innovations in areas like agriculture, human health and animal productivity.

The Cabinet Committee on Economic Affairs (CCEA), at a meeting here, gave its approval for launching the Biotechnology Industry Partnership Programme for high-risk discovery and innovation.

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"An amount of 350 crore has been earmarked for the programme during the 11th Plan," an official statement said.

The programme aims to increase the "global competitiveness of Indian industry in new and futuristic technologies" and enhance ownership of patents in the areas by Indian companies and scientists.

It will cater to major national "unmet technological needs in agriculture, human health, animal productivity, energy and environment where expected social and economic impact is high".

The government would contribute 30 to 50 percent to the industry for innovation.

"Under this advanced technology scheme, support would be provided only for futuristic areas, transformational technology and product development for public good," the statement added.

The new scheme will be one of the enabling mechanisms to promote research and development in the biotech industry and public-private partnership programmes.
Source: IANS