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India a haven for investors now, has shed red tapeism

The 25th edition of the Bengaluru Tech Summit kicked off on November 16, with the PM, Narendra Modi’s address via video message.

The Prime Minister emphasized that India is no more a place known for red tape. It is known for red carpet for investors. “Whether it is FDI reforms, or liberalisation of drone rules, steps in the semiconductor sector, the production incentive schemes in various sectors, or the rise of ease of doing business, India has many excellent factors coming together,” he said. The Prime Minister concluded by an appeal, “your investment and our innovation can do wonders. Your trust and our tech talent can make things happen. I invite you all to work with us as we lead the world in solving its problems.”

Chief Minister Basavaraj Bommai announced that six new high-tech cities would be built in Karnataka and a startup park would be built near Kempegowda International Airport to encourage the startup ecosystem. Bommai also released the Karnataka Research Development and Innovation Policy, which aims to provide support for a robust and well-connected ecosystem and easy access to a skilled talent base, grassroot innovators, support for university-based cutting-edge research, and researching enterprises for cooperation between industry and science and for innovative business startups.

India’s research investment value is $80-$90 billion. According to Dr Vijay Chandru, co-founder and director of Strand Life Sciences, the value has a target of becoming $300 billion by 2030 and $500 billion by 2040 and this level of development and the success stories in the field of genome-sequencing qualify Bengaluru to be considered as the genome plateau of India, he said. He was speaking at a panel discussion on “genomics revolution 2.0 and its implications”.

Dr Joydeep Goswami, senior vice-president (corporate development and strategic planning) at Illumina Inc., emphasised the democratisation of genomics that is aligning countries across the world to cater to personalised medicine from a diagnosis-and-treatment perspective. He opined that genomic profiling at birth, early screening for diseases, particularly cancer, progress through the effectiveness of monitoring and other sequencing timelines are transforming life cycles of individuals.

Dr Ramesh Hariharan, CEO and co-founder of Strand Life Sciences, explained that over the last five-seven years, there had been an increase in the ability to tease out the efforts of identifying the bioinformatics of monogenic diseases.

Dr Bratati Kahali, an associate professor at the Centre for Brain Research at the IISc, explained the necessity of the centre’s Genome India Project to identify genetic variation in Indians as various studies presented the fact that gene bases and drugs mostly identified by Europeans were only 50 per cent informative to identify the position of such genes among our population.

Ajay Gopalswamy, CEO of DiFACTO Robotics and Automation, has called for setting up a National Robotics Association of India on the lines of Nasscom to set standards and safety norms besides giving innovation a boost. He said robotics should become the future of manufacturing in India and set a target of making 100,000 robots by 2030 in the country.

Dr C N Aswath Narayan, Minister of Higher Education, Information Technology & Biotechnology and Science & Technology in the Government of said various electronic companies had evinced interest in putting up their production units at a cost of Rs 36,804 crore in various parts of the state. Bengaluru has made rapid strides in the science and technology sectors and become the cynosure of all eyes the world over. The government has set an ambitious target of achieving a target of $300 billion in IT and BT exports by 2025 from the present $135 billion, he added. He said Karnataka was emerging as a hub for semiconductor design and that the state had attracted investments worth Rs 22,900 crore in the semiconductor industry.
MB Bureau

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