The Central government plans to come out with a legislation to pave the way for commercialization of technologies discovered by Indian universities and research institutions to create a strong domestic biotech industry.

With the proposed legislation in place, Indian universities, institutions such as the Indian Council of Medical Research and Centre for Scientific and Industrial Research (CSIR) will also be empowered to stake claims on discoveries they make for commercialization on a large scale through government funding and otherwise.

The government also plans the setting up of a venture capital fund to help promote funding of early stage innovations by young scientists and engineers to ensure domestic growth.