BHUBANESWAR: THE Odisha Biotechnology Policy, 2024 approved by the cabinet on Monday offers a slew of sops, including capital investment subsidy on actual investment in plant and machinery, credit linkage for large and mega units and assistance for patent, design and trademark.
The policy will promote higher education, research and infrastructure development and strengthen an ecosystem for 5I (innovation, incubation, investment, income, and impact) to build enterprises and industries.
While capital investment subsidies will be provided on actual investment in plant and machinery, soft loan assistance will be given to large and mega units that will use high-end technologies. As the biotechnology sector demands sophisticated technologies, the state government will provide technology acquisition and upgradation subsidy to eligible biotechnology units.
Reimbursement will be extended for registration of patent, GI, trademark and design and financial assistance will be given for obtaining quality certifications from recognised institutions. Eligible biotechnology units/start ups will be provided with financial assistance for showcasing their products or technologies in national or international platforms.
Briefing about the new policy that will remain in force for five years, chief secretary PK Jena said, Odisha’s rich biodiversity combined with strong academic and research environment offers excellent scope for the growth of bio-industries.
A dedicated directorate of biotechnology will be created for effective implementation, monitoring and evaluation of various functions envisaged in the policy. Besides, an Odisha Biotech Vision Group (OBVG) comprising professionals and experts from academia, research, industry and finance will be constituted to act as a think tank and advisory body on diverse policy-related issues.