July 09, 2004
Source: The Hindu
Biotech will wait and watch

By Our Staff Reporter

BANGALORE, JULY 8. While most sectors are `happy' with the Union Budget, the biotech sector, especially agricultural biotechnology firms, may adopt a wait and see approach. Villoo Patell, chief executive officer of Avestha Gengraine Technologies Private Limited, a Bangalore based agricultural biotech firm said, "Agriculture has been highlighted for using biotech for development of the rural sector, which is fine but there is still no clarity on how they plan to do it." Ms. Patell said, "It is essential that priority is placed on getting the regulations and financial processes in place before we embark on this excellent but monumental mission." Food and non-food uses of crops as a means to provide value added products through use of biotechnology is a positive way forward to drive India's next economic revolution at the grassroots level. But this however requires enormous investment, she said. Ms. Patell said, the sops were too few and not directed to developing the industry, which should be the first priority and the level of classification of the industry is not brought out well.

On the medical biotech front, Kiran Mazumdar Shaw, Chairman and Managing Director of Biocon, said, "The Budget is essentially a directional budget and is extremely positive." While "It is too early to comment on its impact on the biotech sector," the measures hold promise, Ms. Shaw said.