Gujarat Government announced its ‘Biotechnology Policy-2016’ to establish state as a preferred destination for manufacturing of biotechnology products.
The policy has provisions for various incentives for investors who are keen to set up their units in the state. It aims to take annual turnover of biotechnology products to Rs 15,000 crore from current f Rs 4,500 crore turn over within next 3-4 years and make Gujarat top state in this sector in the country.
Under the policy
- State government will provide capital subsidy up to Rs 25 crore on the total investment for developing a Biotechnology (BT) Park.
- In addition, the developer of such park will be eligible for 100% reimbursement of stamp duty paid on lease or sale of the land for setting such park.
- BT Park developer will also be given 100% reimbursement for electricity duty paid for a period of five years.
- Capital subsidy up to Rs 10 per cent of the gross fixed capital investment(GFCI) with a ceiling of Rs 5 crore will be given to individual BT manufacturing units having GFCI up to Rs 50 crore.
- Further, BT units borrowings up to Rs 50 crore will be entitled to an interest subsidy at the rate of 5% with a ceiling of 2.5 crore per annum.
- Government would give 100% reimbursement of stamp duty paid on sale or lease of the land o encourage new start-ups in this sector.