Karnataka Biotechnology Policy 2024-2029: A Boost for MSME and Biotechnology Sector
Karnataka Biotechnology Policy 2024-2029: Overview
In a bold move to cement its status as a global biotechnology hub, Karnataka's Minister for IT/BT, Priyank Kharge, introduced the Karnataka Biotechnology Policy 2024-2029. This policy aims for a market value of $100 billion by 2030 through focused transformation.
Key Objectives of the Policy
- Strengthening Biotech Education: Initiatives such as skilling programs target a future-ready workforce.
- Streamlined Regulations: The policy seeks to simplify regulations for smoother business setups.
- Support Biomanufacturing: Aligning with health, climate, and energy goals enhances food security.
Support for Startups and MSMEs
Emphasizing on early-stage biotech startups, the policy promises funding, mentorship, and market access through preferential procurement of local biotech products.
Focus Areas and Fiscal Incentives
- Bio-agriculture
- Marine Biotechnology
- Medical Devices and Diagnostics
The policy includes significant fiscal incentives for startups, MSMEs, and large industries, fostering a thriving ecosystem.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.