Funds for Biotech Startups Planned




Funds for Biotech Startups Planned

 New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) is considering earmarking funds from the Fund of Funds for Startups (FFS) for biotechnology ventures to promote indigenous technologies in healthcare, agriculture, food and nutrition.

“We are talking to the Department of Biotechnology. They want us to earmark some funds for biotech startups,” said an official.

Since the beginning of the Startup India programme, the government has disbursed around .? 380 crore in the past three years to develop bio-clusters and bio-incubators. Of this, around .? 196 crore has been spent on four bio-clusters and .? 174 crore on 41 bio-incubators through the BioNEST scheme under the Biotechnology Industry Research Assistance Council (BIRAC), a not-for profit public sector enterprise under the Department of Biotechnology. Under the BIRAC seed fund, .? 8.5 crore was disbursed to 13 bio-incubators in the past three years.Read more

Source web page:Times Group

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