Rajasthan bids for biotech investment

Tuesday, 19 October 2004, 07:00 Hrs
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JAIPUR: Rajasthan will offer a series of rebates and concessions to biotechnology investors in a bid to attract capital in this booming sector.

The state cabinet decided Monday to offer land at 60 percent discount to entrepreneurs willing to invest more than 100 million ($2.2 million) in the sector, and a 50 percent discount for investments of less than 10 million, Parliamentary Affairs Minister Rajendra Singh Rathore told newsmen.

Entrepreneurs willing to set up units in the Rajasthan State Industrial Development & Investment Corporation industrial areas will get 100 percent exemption from stamp duty and a seven-year waiver on purchase tax and entry tax on capital goods.

The new policy also permits investors to set up units in residential areas.

The government has also decided to develop biotech parks in Jaipur, Jodhpur and Bhiwadi, Rathore said.

Rajasthan hopes to attract investments of over 2.5 billion ($55 million) under the new policy, the minister said.

The state is rich in bio resources, and has the country's largest livestock population.

It also has a good potential for animal husbandry and genetic engineering units, and hopes to create immense industrial activity involving recombinant DNA-based products and bio-informatics, Rathore said.

The cabinet also decided to establish a new corporation to provide financial and technical support to municipalities, and allocated 30 million ($655,000) for the purpose.

It will also establish a technical committee to oversee the implementation of e-governance projects, the minister said.

Source: IANS
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