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The Indian bio-technology industry has urged the Government to make bio-manufacturing the next big opportunity after generics.
The Association of Biotechnology Led Enterprises has requested the Government to invest $4-5 billion each year (₹24,000 to ₹30,000 crore) over five years to expand the bio-tech industry to $100 billion by 2025.
In its pre-Budget recommendation to the government, the association sought an allocation of ₹500 crore every year from the research and development cess to the Technology Development Board to stimulate the biotech sector.
CSR fundsCorporate Social Responsibility funds may be used for the public good and socially relevant research through partnership with the Biotechnology Industry Research Assistance Council (BIRAC) of the Department of Biotechnology. All such contributions to BIRAC should be fully tax-exempt, it said.
As of now only incubators in academic institutions are eligible for availing CSR funds for promoting innovation.
This was passed as a government order last year. This should be extended to all incubators and science/bio-tech/knowledge parks, whether they are part of academic institutions or not, said the association.
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