The State Cabinet led by Chief Minister Naveen Patnaik on Monday approved the Odisha Biotechnology Policy 2024. Some of the key points of the policy are discussed below:-
Odisha’s robust academic and scientific environment, along with its abundant biodiversity, present great opportunities for the development of bio-industries. In order to maximize biotechnology’s potential for sustainable socioeconomic development and to strengthen the state’s biotechnology ecosystem, the Odisha Biotechnology Policy 2024 has been designed with a number of important incentives.
The key Objectives of the Odisha Biotechnology Policy 2024 are given below:
- To promote higher education, research and Infrastructure development in the most promising areas of Biotechnology.
- To develop and strengthen a supportive and vibrant ecosystem for Innovation, Incubation, Investment, Income and Impact to build enterprises and industry.
- To realign academic excellence, skilling and capacity building to meet industry requirements.
- To promote product/ process development, commercialization and IP monetization.
- To leverage breakthrough biotechnology innovations/knowledge for the socio-economic development of the State.
Incentives provided under Odisha Biotechnology Policy 2024 include:
- The Policy provides support for the development of Biotech parks promoted by State Agencies or Private Sectors.
- Biotechnology units shall be provided capital investment subsidy on actual investment in plant and machinery.
- Soft loan assistance will be provided to Large & Mega Biotechnology units operating in the state for setting up production units in the key areas of Biotechnology using high-end technologies.
- As the Biotechnology sector demands sophisticated technologies which may need to be acquired and upgraded from time to time, technology acquisition and upgradation subsidies will be provided to eligible biotechnology units.
- Eligible Biotechnology units will be given the benefit of the Employment Generation Incentive which will apply only to employees engaged in biotechnology-based technical work.
- Reimbursement for registration of Patent, GI, Trademark and Design will apply to the Biotechnology units operating in the State.
- Biotechnology units will be given financial assistance for obtaining quality certifications from recognised institutions during the policy period.
- Eligible Biotechnology Units/ Biotechnology Start-Ups will be provided with financial assistance for showcasing their products or technologies at national or international events.
A dedicated Directorate of Biotechnology shall be created for the effective implementation, monitoring and evaluation of various functions envisaged in the policy for the development of biotechnology in the State.
The government will constitute an Odisha Biotech Vision Group (OBVG) to act as a think tank and advisory body on diverse policy-related issues. OBVG will be comprised of professionals and experts from academia, research, industry, policy, administration, finance, marketing etc.
This policy will come into effect from the date as notified in the Official Gazette of the Government of Odisha. It will remain in force for 5 years or until it is substituted by another policy, whichever is later.
(With media inputs)
Biotech World India News desk