FICCI proposes 7 pt package to boost biotech
Industry body FICCI has proposed a seven-point agenda to the government aimed at promoting innovation in biotechnology and affecting a five-fold increase in revenue generation in the sector.
By PTI |
NEW DELHI: Industry body FICCI has proposed a seven-point agenda to the government aimed at promoting innovation in biotechnology and affecting a five-fold increase in revenue generation in the sector.
The seven point programme would help the biotechnology sector generate revenues to the tune of five billion dollars, besides creating one million jobs by 2010 and building quality infrastructure, FICCI said in a statement.
There is need to boost production and import of biofuel and ethanol and encourage large scale use of environmentally friendly fuel, it said adding that tax benefit should be extended to expenditure incurred on clinical trials.
"The Government may also consider providing relief to recognised biotech, pharmaceutical and clinical research companies by giving a blanket permission of up to Rs one crore per annum to import laboratory consumables," it said.
Currently there is lack of technical expertise at airports and ports to handle biological materials. Customs officials may be updated regularly with new policies on issues related to handling of biological materials.
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As for Biofuel and Ethanol production, FICCI has suggested that the government may consider extending tax incentives like excise and import duty exemption to promote use of bio-diesel and ethanol in auto fuels.Further, investments in Jatropha plantations made by the corporates should be given tax holiday for a period of 10 years from the beginning of the Jatropha oil production, it added.
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