Bengaluru: The State Cabinet on Wednesday approved a new biotechnology policy (version 3.0) for 2017-22.

The policy encourages investments in new technology platforms of life sciences for effective multi-disciplinary collaborations. It envisions more streamlined financial incentives and concessions for larger investments.

“The purpose is to encourage research and development (R&D) in emerging technology areas, such as synthetic biology, diagnosis and management of rare diseases, anti-microbial resistance, aqua-marine biotechnology, animal biotechnology, bio-manufacturing, and development of affordable medical devices, to foster the bio-economy growth,’’ Law and Parliamentary Affairs Minister T.B. Jayachandra said.

The policy would institute funding mechanisms and mentorship programmes to stimulate innovations that not only aid the development of the bio-economy, but also benefit the society as a whole, the minister said.

In 2015, the State captured 35% (Rs. 44,250 crore) of the total revenue (Rs. 1,26,700 crore) generated by the Biotech Market (in India). With the new policy, the objective is to capture a larger share of the predicted $100 billion (Rs. 6,80,000 crore) bio-economy market in India and the $775 billion (Rs. 50,00,000 crore) worldwide bio-economy market.