Union Finance Minister Nirmala Sitharaman interacted with industry captains from Bio pharma and biotech industries in Bengaluru yesterday.
Biocon Chief Dr. Kiran Majumdar Shaw, Startup Vision Group Chairman in the state Prashanth Prakash among others sought fiscal incentives, production line incentives, import duty cuts, tax deduction on expenditure towards R&D initiatives and GST slab clarity on range of products produced by this sector.
The Finance Minister assured the industry captains of considering all their concerns. Assuring the Industry of all support the Union Finance minister called upon them to increase their spending on R&D and work towards taking the benefit of science to the common man.
The interaction with the industry captains was held in Bangalore Bioinnovation Centre which has the Institute of Bioinformatics and Applied Biotechnology and the Center for Human Genetics in its campus.
The Central Government has provided 4.4 crore rupees to Bangalore Bioinnovation Centre through Biotechnology Industry Research Assistance Council to finance bio incubators in life sciences, healthcare, Medtech and Agritech sectors.