Nano-biotech policy soon

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New Delhi, March 29: The government will come out with a nano-biotechnology policy soon. The policy would include measures to harness the huge potential of the technologies. The policy will also consist of financial support schemes to promote these two emerging technologies.

Stating this at Assocham-organised, special session on ‘Nano Financing & Policy’, Mr Pawan Kumar Bansal, minister of state for finance said the government would shortly arrange for interactive sessions with industry chambers, scientific and engineering community and all concerned stake holders to obtain inputs and suggestions, so that industry’s view point and suggestions are incorporated in its new nano-biotechnology policy.

The minister said it would be the effort of the government to harness the huge potential that nano and biotechnology will create not only in the field of agriculture, horticulture and even manufacturing but also in areas of power, water, desalination, fibers and the like.

According to Assocham, the Indian bioinformatics market, which is only 2.5% of the global market, has the potential to capture 5% of the global pie, provided the government ushers in necessary changes in its future Biotech Policy. u

The minister recognised the importance of nano and biotechnologies, as their convergence will bring about revolution in the medical and other advance sciences, without creating any adverse side-affects, but sought to know from industry the ideas as to how the government can promote larger and wider use and applications of these two technologies in a precise manner.

The minister felt it is industry that has to give the government idea and the size for budgeted allocations for promotion of nano and bio technology in India and make its financial contribution to build these two growing technologies.

Mr Bansal said that the finance ministry has already allocated a sum of Rs 20,000 crore to promote science and technology in the country to the Ministry of Science and Technology and other related departments and it would be the efforts of the government to make higher allocations, if necessary, to particular encourage nano and bio technologies as their promotion will create virtually no side effects for their users.

According to Assocham paper, the Indian Bioinformatics market, which is only 2.5% of the global market, has the potential to capture 5% of the global pie provided the government ushers in necessary changes in its future Biotechnology Policy.