Kiran Mazumdar Shaw, President of the Association of Biotechnology Led Enterprises, handing over a memorandum to Union Minister Dr Jitendra Singh at New Delhi on Tuesday.
STATE TIMES NEWS
NEW DELHI: Kiran Mazumdar Shaw, one of India’s top CEOs and President of the Association of Biotechnology Led Enterprises (ABLE), who also happens to be Chairman and Managing Director (CMD) of Biocon Limited on Tuesday called on Union Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances and Pensions, Atomic Energy and Space, Dr Jitendra Singh and presented him a roadmap for growth of Indian biotechnology sector 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. Kiran Shaw, who had flown into the union capital from Bengaluru to attend the CEOs meet with US President Barack Obama, also handed over to Dr Jitendra Singh, a copy of the memorandum containing budgetary recommendations submitted to the government.
Dr Jitendra Singh said, “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”.
Dr Jitendra 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 two years.
Invoking the ‘Make in India’ agenda of the present government, the memorandum also pleads for the indigenously made products to be given 15 to 25 per cent weighted advantage over imported products in all government tenders.
Dr Jitendra Singh assured 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.
Lata Mangeshkar doing much better: family spokesperson
‘Shubh Mangal Zyada Saavdhan’ to release in February 2020
Song of movie ‘Kashmir-the Final Resolution’ released
Two-day Thoracic Surgery Conference to begin today
Lata Mangeshkar showing signs of improvement: hospital sources
© 2017 State Times Daily Newspaper