The next business revolution in India after IT maybe quietly but surely creeping in! The second largest manufacturer of child vaccines in the world, India is poised to become the major fountainhead of custom R&D and biotech services.
According to India Biotechnology Handbook, the biotech industry is slated to grow to over USD 9 billion (yes, I looked at that again .. it IS billions) by 2007-08!
Those figures may have to change if the news about Reliance’s new possible foray is any indication. Mukesh Ambani has apparently approached the Red Government of West Bengal to purchase 20,000 acres of land near Kolkatta to open a large Biotech park. It will be created as a Special Economic Zone (SEZ) where this park will be made. Buddhadeb Bhattacharya announced in FICCI’s National Executive Committee meeting on Thursday.
The biotech project will include a botanical garden, township and offices. Reliance has been busy gearing up to create SEZ’s around the major metros with modern facilities which can become major economic zones of intense activity.
Personally, I feel that though Indian business is moving in the right direction, it still needs to hedge the political risks by “sponsoring” a “clean up” drive against the crude, criminal and downright regressive politicians that now line the Indian Political landscape!
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