Fueled by growing markets and a liberalized economy, the Indian biotech industry is set to witness exponential growth, with an estimated turnover of US$4.5 billion by 2010.

New policies pertaining to intellectual property rights, foreign direct investment and customs and excise duties were expected to give a fillip to the high potential industry, a theme paper circulated at an international pharma and health conference said.

" India's strength lies in its large consumption market, liberalized economy and stable democracy, making it an ideal option for foreign direct investment in all branches of scientific industries in general and biotechnology industry in particular," the note by the Department of Biotechnology said.

With more than 800 companies engaged in the production of conventional and modern biotech products, the biotechnology industry had emerged as future engine of growth particularly in medical, agricultural and industrial sectors.

"With increasing demand for human and animal health care products, there is a huge potential for joint ventures. The country is expected to invest about US$4 billion in during the current decade," the report said.

Earlier, the Union Minister of State for Commerce and Industry E V K S Elangovan inaugurated the two-day India-Africa, ASEAN and Gulf conference aimed at showcasing India's capabilities in pharmaceuticals and healthcare sectors.

(http://www.atimes.com)