Odisha aims to become one of the top 5 bio-tech hubs in the country and released the draft of its biotechnology policy on Friday.
The policy stresses on creating an enabling environment for biotech investments through strategic partnership initiatives, industrial infrastructure development, investment assistance and policy interventions.
The policy talks of promoting innovation in research & development (R&D) by providing financial and infrastructural support and also encouraging public-private partnership (PPP) in R&D for sustained growth and international competitiveness.
Biotechnology has been listed as one of the priority sectors under the Industrial Policy Resolution (IPR), 2015 by the Odisha government.
The state government has proposed to set up a biotechnology fund with an initial contribution of Rs 25 crore. The fund is expected to be utilised for investments, fund of funds and promotional activities in biotechnology sector in the state.
Among the incentives for investors, the state government has agreed to provide land on priority basis for biotechnology projects, permitting a floor area ratio of 2.0 for units located in the industrial areas and biotechnology parks/SEZs. Power cost for such units would be reimbursed at the rate of one rupee per unit for five years from the date of operations. The state government would also provide 33 per cent subsidy on plant & machinery subject to a ceiling of Rs five crore.