Updated on 5 March 2013
Dr Kiran Mazumdar-Shaw, CMD, Biocon, while talking to a New Delhi-based television channel, NDTV, called the budget "popular and prudent" but also mentioned that there was nothing in it for the pharma and biotech industry of the country. "The pharma sector has received scant attention. Overall a positive budget which may not deliver the intended more than six percent growth," she told BioSpectrum.
She said that the finance minister's directional intent was good and the investment signals are positive. "However, implementation and fiscal prudence still remain a concern," she said. Commenting on the provision to recognize corporate investments in technology incubators as corporate social responsibility, she said that it will favor self-employment and entrepreneurship.
Dr Mazumdar-Shaw also pointed out that the outlay for the manufacturing sector was also not satisfactory. "The manufacturing sector has not received the impetus it deserves. The 15 percent investment allowance is inadequate," she said.
Push for innovation and research
The Ministry of Science and Technology has been allocated $1.1 billion (Rs 6,275 crore). Commenting on the outlay, the finance minister said, "While we extol the virtues of science and technology (S&T), I think we do not pay enough attention to science and technology for the common man. With the help of the Ministry of Science and Technology and the principal scientific adviser to the Government, I have identified a few amazing S&T innovations."
A fund of $36.7 million (Rs 200) crore has been set aside for organizations that will scale up and make new innovations available to the people. The National Innovation Council will be tasked with the job of formulating a scheme for the management and application of the fund.