By IANS
Bhopal : The Madhya Pradesh government has amended its industrial policy Wednesday to offer special incentives to the biotechnology sector.
The amended policy offers a special package for the biotechnology industry, an official statement said. Now, district-level empowered committees would be authorised to clear projects involving investment of up to Rs.100 million.
Biotechnology industries with capital investment of more than Rs.100 million have been given the status of mega projects. They would be entitled to capital grant and interest subsidy, the statement added.
In case a biotech unit obtained a loan from a bank or financial institution, it would be given interest subsidy at the rate of five percent per year for a period of three years subject to a maximum of Rs.2 million. Setting up of venture capital funds for biotechnology units would also be encouraged.