Karnataka's biotechnology policy aims to generate 30,000 high-quality jobs by 2029

Karnataka government on September 6 unveiled its Biotechnology Policy 2024-2029, a day after receiving approval from the state cabinet.

Karnataka government on September 6 unveiled its Biotechnology Policy 2024-2029, a day after receiving approval from the state cabinet. The policy aims to grow the state's bio-economy to a value of $100 billion by 2030.

Karnataka IT-BT minister Priyank Kharge said, "This policy marks a significant milestone in our journey to establish Karnataka as a global leader in biotechnology. We aim to play a pivotal role in India's biotechnology space, targeting a market valued at $100 billion by 2030."

The policy seeks to generate 30,000 high-quality jobs in the biotech sector by 2029 and will partner with over 200 institutions to train 20,000 individuals in specialized skills. It aims to facilitate the creation of 300 biotech companies, including 50 innovative firms, through a robust incentive package.

Also, read: Karnataka’s bioeconomy to hit $100-billion mark by 2030, says govt report

The policy offers a range of fiscal incentives and concessions across various categories, including startups (with benefits such as state GST reimbursement, marketing cost reimbursement, patent cost reimbursement, quality certification cost reimbursement, and support for incubation/acceleration centers through one-time capital grants for establishment, upgradation, or expansion).

For Micro, Small & Medium Enterprises (MSMEs, policy offers incentives like patent cost reimbursement, marketing cost reimbursement, quality certification cost reimbursement, prototyping cost reimbursement, interest subsidy, stamp duty exemption, land conversion fee incentives, and power tariff concessions. For large industries (with provisions for STP cost reimbursement, rainwater harvesting cost reimbursement, interest subsidy, land cost reimbursement, production-linked incentives, patent cost reimbursement, marketing cost reimbursement, and power tariff concessions).

The policy will continue to support early-stage biotech startups with funding and mentorship, while providing mid-stage ventures with growth facilities and market access through preferential procurement of local products. It also focuses on advancing biomanufacturing aligned with health, climate, and energy goals, enhancing food security, and positioning Karnataka as a global biomanufacturing hub.

Also, read: Karnataka revised biotech policy: Investment subsidy of upto Rs 10 cr; biofoundries in PPP mode

The key provisions of the policy include enabling preferential procurement for local biotech products and expediting innovation through a regulatory sandbox framework.

The new policy emphasises emerging areas such as bio-agriculture, bio-industrial applications (including bio-energy, smart proteins, and nutraceuticals), marine biotechnology, synthetic biotechnology, medical devices and diagnostics, AI/ML in biotechnology, antimicrobial resistance, multi-omics for health, cell and gene therapies for rare diseases, and space biotechnology. With a focus on ‘focused transformation through impactful implementation’, the policy aims to accelerate exponential growth in the biotech sector. It seeks to synergise with existing state policies while addressing the specific needs of the biotechnology industry, solidifying Karnataka’s position as a premier global innovation hub, it said.

Also, read: Karnataka to unveil revised biotech policy: CM Siddaramaiah at Bengaluru Tech Summit