The government on Tuesday announced it would set up a regulatory body to approve and provide single window clearance of genetically modified products and processes. The National Biotechnology Regulatory Authority would be an independent, professionally run body and would help biotechnology industry achieve the size of $7 billion by 2010 as against $2.3 billion currently.
All genetically modified products and process would be approved by the regulatory body, while other products would be processed by the competent authorities at Drug Controller General of India and Genetic Engineering Approval Committee for these products.
The Centre would prepare the required legislation for the authority in three months. The development comes as the government recognises biotechnology as a sunrise sector. The government would invest up to 50% in biotechnology ventures with private firms.