Replying to questions on revenue from the biotech industry in the Lok Sabha, he said the revenue earned by the bio-tech industry had been increasing steadily. In this context, he pointed out that the revenue had gone up to Rs 8541 crore during 2006-07 from Rs 4745 crore during 2004-05. He said the allocation for Biotechnology had been hiked to Rs 6500 crore for the eleventh plan period from Rs 621 crore during the ninth plan.
Mr Sibal asserted that the steps initiated by the government would make India a "Biotech Hub" in the world.
He said the government had provided fiscal incentives, permitting foreign direct investment up to 100 per cent for the biotech industry, setting up of biotech parks and bioagri centres, support to star colleges for human resource development and other measures for capacity building to develop man power and streamlining the regulatory procedures at par with world class regulatory mechanism.
All industries located in biotech parks had been permitted to avail the benefits of Export Oriented Units under the EXIM policy 2004 and 2009.
The land area for Special Economic Zone for the biotech sector had been brought down to ten hectares from 100 hectares to promote the biotech industry.