Financial Daily from THE HINDU group of publications
Wednesday, Apr 16, 2003
Financial Daily from THE HINDU group of publications Wednesday, Apr 16, 2003 |
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Industry & Economy
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Bio-tech & Genetics `Venture capital support vital for biotec growth' Our Bureau
BANGALORE, April 15. THE potential of emerging biotechnology as an investment could be fully realised only if the venture capital funds come forward with more proactively. With the biotechnology segment gaining prominenceand with its capability to act as a strong vehicle to transform the socio-economic deficiencies, the venture capital funds should develop a sense of confidence to invest more into the sector. Reiterating this, speakers at the Bangalore Bio-2003 today said the potential of biotechnology was yet to permeate into the industrial sector, which was in search of environment friendly and cost-effective production processes, particularly in the field of energy and plastics. Though Karnataka saw a brisk growth in investment in the biotechnology sector, venture capital funds' contribution remained stagnant at Rs 20 crore in the last two years said Ms Kiran Mazumdar Shaw, Chairperson, Karnataka's Vision Group on Biotechnology. Mr Ashok Ganguly, Chairman, ICI (India), in his remarks also pointed out the inadequate financial support to biotechnology and said India needs to improve the quality of research to orient the application of this technology towards industrial sector to increase the interests of the venture capital funds. There was a need to develop special class of entrepreneurs to exploit the big potential of biotechnology applications in the industrial sector for its capability to become a cheaper technology for production of critical inputs for the economic development. Mr N.K.Singh, Member, Planning Commission, underlined the importance of the combined power of the information technology and biotechnology in helping the country achieve the eight per cent growth rate.
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