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News >> Technology >>
India allows 100% FDI in biotech
By agencies
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Friday, 01 April 2005, 20:30 IST
NEW DELHI:The Indian government has opened the biotechnology sector to 100 percent FDI with a view to create a $5 billion industry in five years.
Science and technology minister Kapil Sibal said that biotech firms will be exempt from the requirement of compulsory licensing too. Besides, all existing fiscal incentives for the biotech industry will be kept till 10, the minister said while announcing the draft biotech development strategy which aims to create 1m jobs by the end of the decade.
Sibal said adequate support would be provided to basic, translational and clinical research. Up to 30 percent of biotechnology research budget will be spent through public-private partnerships.
Sibal said the effort will be to train scientists and technology transfer professionals in handling Intellectual Property Rights issues. Regional technology transfer cells will be created to provide high caliber, specialized and comprehensive technology transfer services.