The fiscal incentive uptake in Karnataka has been minimal and the Department would look at how to improve on the uptake for the biotechnology sector by focusing on curating a policy that facilitates better fiscal incentives to boost the growth of the sector, said Ekroop Caur, Secretary, Department of E, IT & BT here on Thursday.
She said the Biotechnology Vision Group was keen on scaling up biotech start-ups which would be made possible with incentives that are milestone-based, time-based interest subsidies and many other incentives to support such companies.
Members of the Vision Group shared insights on improving fiscal incentives for biotech companies, including better interest subsidies and top-up subsidies. They also emphasised the importance of prioritiing technology transfer and collaborating with central government regulatory authorities to expedite approvals for start-ups in the areas of BT, microbiology, biotransformation, bioenergy, and rare diseases sectors.
Karnataka’s Biotech Policy 4.0 would be a forward-looking one and it would also trigger a national policy for Biotechnology, said Kiran Mazumdar Shaw, chairperson, Biotechnology Vision Group.
Speaking at the 61st Meeting of the Vision Group on Biotechnology, Shaw said Karnataka has been a frontrunner in shaping biotech policies that were forward-looking, far-reaching and addressed emerging opportunities, advanced education as well as industrial advancement.
The new policy was expected to play a crucial role in bringing growth and shaping the future of biotechnology in Karnataka, she added. “BT will emerge as a strong thrust area for economic development in the State,’‘ Ms. Shaw anticipated.
