India’s industry has been boosted by news that 20 more biotech parks are to be set up and financial actions are being implemented to help small businesses.
The biotech parks are being set up to promote life science research, with the Indian government hoping to see scientists develop treatments for diseases that are a “burden for the poor”.
India currently has four biotech parks, with construction of an additional 20 expected to significantly increase research capacity.
To ensure the new facilities are staffed by “high quality human resource” a 10-year agreement has been signed between the Indian Department of Biotechnology and the Wellcome Trust, which funds biomedical research around the world. Details of the deal have not been published.
Bank acts to help business
The Indian central bank has cut interest rates to 6.5 per cent in an attempt to ensure small businesses have a steady flow of capital.
Indian firms take 60 per cent of their loans with foreign companies and it is hoped the move will increase the number of businesses borrowing from within the country.
The bank has now cut interest rates three times in the last two months, with the terrorist attacks in Mumbai playing a role in the latest reductions.
It is hoped the move will help restore investor confidence, which in turn will help Indian businesses that some thought would suffer financially as a result of the attacks.