It's pro-biotechnology: Kiran Mazumdar

The overall macroeconomic indicators continue to show improvement and the Budget has clearly reinforced the strong image India will attain on the world economic stage.

There is an increased allocation of resources to address issues of infrastructure, health, education and scientific research, which will be key drivers in building India as a global economic power.

In my opinion, this year's Budget is very 'pro-bio' and promises a favourable fiscal and regulatory policy environment and necessary incentives for the biotechnology sector.

Initiatives in terms of a Rs 150 crore corpus to fund research in biotech and pharma sectors, the extension of the 150 per cent weighted deduction for R&D expenditure, reduction of withholding tax, the lowering of customs duties on capital goods and correction of inverted duty structures shows the government's intent to support entrepreneurship, indigenous industries, provide low-cost base for research, manufacturing and encourage investments in the sector.