Gujarat New Biotechnology policy
On February 17, 2022, Government of Gujarat unveiled new Biotechnology Policy, that offers up to 25 per cent financial support on capital investments in the biotechnology sector.
About the New Biotechnology Policy
- Operative period of the new biotechnology policy will be five years, from 2022 till 2027.
- The policy seeks to create around 1.2 lakh new employment opportunities.
- It will attract estimated investment of more than Rs 20,000 crore in the sector.
- It will promote partnerships between stakeholders including NGOs, scientific establishments and industries.
- Apart from providing interest subsidy on term loan for such projects, policy also offers 100 per cent reimbursement on electricity duty for five years.
Aim of the policy
The new policy aims to make Gujarat a globally-recognized Biotechnology Hub.
- The new policy offers financial assistance for technology acquisition, alternative energy production, skill development, quality certification, and bandwidth leasing, in order to make Gujarat’s biotechnology industry world class. No such assistance was included in old policy.
- MSMEs that are investing less than Rs 200 crore, will get assistance up to Rs 40 crore.
- Mega or large projects with a capital investment of more than Rs 200 crore will get assistance of up to 25 per cent of total capital expenditure with a ceiling of Rs 200 crore. Assistance will be provided in form of 20 quarterly instalments for a period of five years.
- Additional assistance will be provided for the industries manufacturing the products which are not being manufactured India. These industries will be covered under strategically important projects.
The new policy seeks to strengthen overall ecosystem. It will encourage special projects like genome sequencing in private sector, pre-clinical testing, plug and play facilities, manufacturing, testing & certification laboratories and private sector BSL-3 lab-vaccine development.