Bhubaneswar: The State Cabinet today approved Odisha Biotechnology Policy 2024 with the objective of harnessing the potential of biotechnology towards the sustainable socio-economic development and to boost the Biotechnology Ecosystem of the State, said Chief Secretary Pradeep Jena.
Odisha’s rich biodiversity combined with a strong academic and research environment offers excellent scope for the growth of Bio-Industries.
Recognising Biotechnology as a sunrise sector for Odisha, this Biotechnology Policy seeks to attract and bring investors and stakeholders together and to empower them to create a flourishing biotechnology ecosystem that will mark Odisha as a key investment destination for Biotechnology, said Science and Technology Minister Ashok Panda.
The objective of the Odisha Biotechnology Policy 2024 is to promote higher education, research and infrastructure development in the most promising areas of Biotechnology, he said.
The policy would help to develop and strengthen a supportive and vibrant ecosystem for innovation, incubation, investment, income, and impact to build enterprises and industries.
Biotechnology is a thrust sector in IPR-2022. Aligning with IPR-2022, Odisha Biotechnology Policy 2024 provides incentives taking into account the long gestation period and technology intensive activities of the sector.
Incentives provided under Odisha Biotechnology Policy 2024 include the Policy provides support for development of Biotech parks promoted by State Agencies or Private Sectors.
Under the Policy, Biotechnology units will 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 of production units in the key areas of Biotechnology using high end technologies, the Minister said.
As Biotechnology sector demands sophisticated technologies which may need to be acquired and upgraded from time to time, technology acquisition and upgradation subsidy will be provided to eligible biotechnology units.
Eligible Biotechnology units will be given the benefit of Employment Generation Incentive which will be applicable only to employees engaged in biotechnology based technical work.
Reimbursement for registration of Patent, GI, Trademark and Design will be applicable to the Biotechnology units operating in the state, said Chief Secretary PK Jena.
Biotechnology units will be given financial assistance for obtaining quality certifications from recognised institutions during the policy period, he added.
Eligible Biotechnology Units/ Biotechnology Start Ups will be provided with financial assistance for showcasing their products or technologies in national or international events.
A dedicated Directorate of Biotechnology shall be created for effective implementation, monitoring and evaluation of various functions envisaged in the policy for the development of biotechnology in the State, Jena said.
The CS said the State 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 comprise 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 Government of Odisha. It will remain in force for a period of 5 years or until it is substituted by another policy, whichever is later.