New Biotech Policy also earmarks Rs 100 crore to provide facilities to industries

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Karnataka Cabinet has cleared Biotech Policy-II that seeks to promote the BT sector and offers incentives and envisages setting up a Rs 50-crore venture fund besides earmarking Rs 100 crore to set up facilities for the industries.

Briefing reporters, home minister V S Acharya said the new policy was framed based on the recommendations of the committee headed by eminent scientist C N R Rao.

He said Karnataka accounts for more than 50 per cent of India’s biotech sector.

The first biotech policy was launched in 2001 when there were just 47 biotechnology companies with a turnover of Rs 200 crore, whereas now there are 187 companies with a turnover of more than Rs 3,000 crore. The new policy aims to give concessions and encouragement to the sector, Acharya added.

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