Identify 5 'moonshots', Centre will go all out to back them: Niti Aayog CEO at BioAsia 2021

HYDERABAD: Niti Aayog CEO Amitabh Kant urged industry stakeholders to identify four or five 'moonshots' and assured that the government will go 'all out' to create the right ecosystem for these sectors in terms of incentives and quality infrastructure so that it takes the country to the next level. In technology, a moonshot is an ambitious, ground breaking project undertaken without expectation of near-term profitability.

Kant, who was taking part in the CEO Conclave: Pursuit of Innovation - From Pharmacy of the World to Global Life Sciences Innovation Hub" panel at BioAsia 2021, said, "Rather than spreading our resources too thin, let us identify four or five moonshots which the country is ambitious about and aim for it. In those five moonshots whatever it takes for India, on behalf of the government, (we will do whatever) to create the right ecosystem -- in terms of incentivising pharma or med tech companies, in terms of ensuring that there is government support of funds and quality and infrastructure."

In the discussion which was attended by IT and Industries minister KT Rama Rao, Biocon executive chairperson Kiran Mazumdar Shaw and others, it was highlighted to Kant that the industry was facing problems in terms of regulatory practices, lack of incentivisation and so on.

Kant provided an update on the Remission of Duties and Taxes on Export Products (RoDTEP) which is eagerly awaited by the industry. He said, "The RodTep will be made applicable very soon. The rates for the remission is being debated by the commerce (ministry) and revenue (ministry). The rate should be announced very soon."

While addressing Kant, Rama Rao said that India does not have enough intellectual property rights (IPR). "We do not have a great deal of success in discovering our own molecules. Policies encouraging entrepreneurs in this area needs to be in place." He also told Kant that the policy of tax reduction for R&D development has been reduced from 200 to 100 per cent and that was counterproductive to the government's idea of Atmanirbhar Bharat.