Gujarat CM Bhupendra Patel unveils new biotechnology policy

Gujarat Chief Minister Bhupendra Patel unveiled a new biotechnology policy for the next five years that seeks to make Gujarat one of the leading states in the country in the key sector and create 1.20 lakh employment opportunities.

The "Gujarat Biotechnology Policy 2022-27" has been formulated with a vision to create over 1.20 lakh new employment opportunities as the state government expects to attract capital investment of Rs 20,000 crore in the sector in coming years, said an official release.

In his address on the occasion, the CM asserted that the policy's objective is to make Gujarat competitive in the biotechnology sector and maximise benefits from it.

The policy offers financial assistance for technology acquisition, skill development, alternative energy production, quality certification and bandwidth leasing, feature which was not there in the previous policy, said the CM.

Through the innovative CAPEX (capital expenditure) and OPEX (operational expenditure) models, overall financial support for units have been significantly increased, he said.

As per the policy document, MSMEs with a capital investment of less than Rs 200 crore will be given maximum assistance of Rs 40 crore. Large or mega projects with a capital investment of more than Rs 200 crore as well as special projects like emerging technologies will be given assistance of up to 25 per cent of the total capital expenditure (maximum Rs 200 crore), the document said.

Similarly, MSMEs with a capital investment of less than Rs 200 crore will be given assistance of maximum of Rs 5 crore per annum, while mega and special projects will be given assistance of up to 15 per cent of the total operating cost in the limit of Rs 25 crore per annum, it said.

Under the policy, eligible firms will get assistance at an interest rate of 7 per cent on term loans, with an annual ceiling of Rs 20 crore. Moreover, such firms will also get 100 per cent reimbursement for five years on electricity duty paid by them.