India has potential for biotech exports

By agencies   |   Friday, 25 February 2005, 08:00 Hrs
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NEW DELHI:The economic survey that was released today said India has the potential to become the global hub in R&D in biotechnology.

The survey, released three days before Monday's presentation of the general budget for 2005-06, said the third amendment to the patents law had led to opening up of the vast opportunities for Indian biotech firms in both exports and to become outsourcing hub.

The ordinance was in response to India's commitment to the World Trade Organisation (WTO) and Trade Related Intellectual Property Rights (TRIPS) regime that became effective from Jan 1.

The Economic Survey said India had potential for technology-intensive services exports while India is being seen as a preferred destination for research and development, engineering design, telecommunications, super-specialty healthcare and a manufacturing hub for high technology products.

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