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Expert
group set to promote biotech industry
PTI
- New Delhi
IN
an attempt to promote biotech industry, government has constituted
an expert group in the department of biotechnology to identify areas
for products and technology oriented research, Rajya Sabha was informed.
Replying
to supplementaries during question hour, Minister of State for Commerce
and Industry, Raman Singh said a close interaction has been established
between the academia and industry to transfer indigenously developed
technologies for commercialisation.
He
said FDI up to 100 per cent was permitted on the automatic route
for manufacture of drugs and pharmaceuticals, breeding of hybrid
seeds, bio-fertilisers and biotech applications related industries.
Besides,
offshore venture capital funds and foreign venture capital companies
were allowed to invest in domestic venture capital funds and venture
capital undertakings on the automatic route subject to SEBI regulations
and FDI sectoral caps, he said.
The
Minister said venture capital investors were exempted from SEBI
and RBI pricing norms for issue and transfer of shares as part of
liberal measures taken to encourage FDI in the knowledge industry,
including biotech industry.
To
a question, he said government was considering a prosposal sent
by Andhra Pradesh for setting up of a biotech park in the state.
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