Chidambaram roots for Biotech to enhance farm production

Bangalore, Jun 7 (UNI) Expressing serious concern over the low agricultural growth in the country, Union Finance Minister P Chidambaram today made a fervent appeal to the Biotech sector to boost the stagnant agriculture production, especially foodgrains, in the country.

''A country like ours should not be importing foodgrains and biotech should find solution to boost productivity of rice, wheat, pulses and oilseeds'' he said while inaugurating the seventh edition of Bangalore Bio 2007 here. For the last ten years both area under agriculture and production was stagnant, he added.

On opposition to genetic modification of agricultural crops, he said that the problem should not be tackled on local, environmental or political angle, but on an intellectual plane. He said there was a huge gap in productivity and this could be bridged on a long term basis and make India ''nearly self sufficient in foodgrains.'' Lauding the tremendous boost in the growth of the manufacturing and services sector which had led India to a trillion dollar economy he said there was need for biotech intervention. The country was rich in bio and human resources and the both should combine together to increase agricultural production.

Referring to the Biotech sector demand for government intervention in venture capital funding, Mr Chidambaram assured that the Centre would look into the demand for early stage funding of Biotech industries, if it was a problem for life sciences. He said funding was not insurmountable. Recently the government had opened the channel for venture capital funding for high risk ventures. The Biotechnology research was highly risky and had long gestation period.

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