Indian Association Calls for Biotechnology Fund

The Associated Chambers of Commerce and Industry of India (Assocham, www.assocham.org) have called for the establishment of a National Biotechnology Development Fund and a National Nanotechnology Development Fund, with outlays of approximately US $1 billion (Rs. 4,800 crore) and US $2 billion (Rs. 9,600 crore) respectively.

The Associated Chambers of Commerce and Industry of India (Assocham, www.assocham.org) have called for the establishment of a National Biotechnology Development Fund and a National Nanotechnology Development Fund, with outlays of approximately US $1 billion (Rs. 4,800 crore) and US $2 billion (Rs. 9,600 crore) respectively.

The funds, controlled by an autonomous management structure, would develop infrastructure-intensive industries in both the nanotech and biotech areas. Assocham contends that the establishment of national biotechnology and nanotechnology funds will inspire further development and motivate industry leaders to create adequate space within the Indian economy to allow for further expansion in these areas.

In the group’s recommendations submitted to the Indian government, the association also asked that a non-lapsable knowledge-acquisition fund be created to encourage students to return to studying the sciences. The association also contends that the government should create National Institutions of Nanotechnolgy–Biotechnology (IINBTs), with a structure similar to that of India’s Institutes of Information Technology.