HIGHLIGHTS:
- Gujarat’s Chief Minister has unveiled a new biotechnology policy
- Gujarat is aiming to become a worldwide recognized Biotechnology Hub under the new policy
- The effort is estimated to result in the creation of approximately 1.2 lakh new jobs.
Gujarat’s Chief Minister, Bhupendra Patel, has unveiled a new biotechnology policy for the years 2022 to 2027. This policy aims to accomplish Prime Minister Narendra Modi’s vision of Aatmanirbhar Bharat. Strategic projects, as well as mega and huge projects, are eligible for special packages under this programme.
This will attract new investment and create new job opportunities in the state through anchor units and current industries. Gujarat is aiming to become a worldwide recognized Biotechnology Hub under the new policy.
What is in the Policy?
- The new biotechnology policy will be in effect for five years, from 2022 to 2027.
- Around 1.2 lakh new jobs are expected to be created as a result of the initiative.
- It is expected to bring in over Rs 20,000 crore in investment to the sector.
- It will encourage collaboration among parties such as NGOs, scientific institutions, and businesses.
- Aside from giving interest subsidies on term loans for such projects, the policy also provides a five-year 100% reimbursement on electricity duty.
Financial Assistance
MSMEs with a capital investment of less than 200 crore rupees will be eligible for up to 40 crore rupees in support under the new policy. Similarly, mega and large projects with a capital investment of more than 200 crore rupees, as well as special projects such as ecosystem empowerment, emerging technologies in challenging areas, and strategic importance, will receive up to 25% of total capital expenditure, up to a maximum of 200 crore rupees in assistance.
This support will be delivered in 20 quarterly installments over the course of five years. MSME units having a capital investment of less than 200 crore rupees will receive up to 5 crore rupees in annual assistance.
Mega and big projects with a capital investment of more than 200 crore rupees, as well as unique projects such as ecosystem empowerment, would get up to 15% of the entire operational cost, up to a maximum of 25 crore rupees per year in support.
Enhancing the ecosystem
The new policy aims to improve the environment as a whole. Special projects like as private sector genome sequencing, pre-clinical testing, plug-and-play facilities, manufacturing, testing, and certification laboratories, and private sector BSL-3 lab-vaccine development will be encouraged.
