Bhubaneswar: The Odisha Cabinet on Monday approved the ‘Odisha Biotechnology Policy 2024’. Odisha’s rich biodiversity combined with strong academic and research environment offers excellent scope for the growth of Bio-Industries.
With the objective of harnessing the potential of Biotechnology towards the sustainable socio-economic development and to boost the Biotechnology Ecosystem of the State, the Odisha Biotechnology Policy 2024 has been conceptualised with a number of key incentives.
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.
The key Objectives of the Odisha Biotechnology Policy 2024 are given below:
- To promote higher education, research and infrastructure development in the most promising areas of Biotechnology.
- To develop and strengthen supportive and vibrant ecosystem for Innovation, Incubation, Investment, Income, and Impact to build enterprises and industries.
- To realign academic excellence, skilling and capacity building to meet industry requirements.
- To promote product/ process development, commercialization and IP monetization.
- To leverage breakthrough biotechnology innovations/ knowledge for socio economic development of the State.
Biotechnology is a thrust sector in 1PR-2022. Aligning with 1PR-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.
- Biotechnology units shall 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.
- 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.
- Biotechnology units will be given financial assistance for obtaining quality certifications from recognised institutions during the policy period.
- 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.
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 be comprised of 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.
