Orissa unveils biotech policy

In a bid to take advantage of the opportunities available in the upcoming bio-technology sector, Orissa government has lined up a series of incentives for bio-technology units including capital subsidy for small scale units.

As per the draft Orissa biotechnology policy, bio-informatics centres would be treated at par with it units and would receive similar incentives.

The incentives offered in the draft policy included special power tariff, exemption of electricity duty, concessions in value added tax as per the recommendations of the empowered committee of the finance ministry, concessions in stamp duty, registration fees and floor space index in biotech parks promoted by the state-run industrial Infrastructure Development Corporation Ltd (IDCO).

Addressing the inaugural session, chief minister Naveen Patnaik said biotechnology, the cutting edge technology with the potential to revolutionise many facets of industrial, agricultural and medicinal practices, was perceived as a major vehicle for socio-economic development.

"Orissa, bestowed with rich mineral and bio-resources is anxious to register its presence in the field of biotechnology," he said adding the diversified resources of the state presented this technology enormous scope to make a significant contribution to its economy.