Bangalore tops Indian growth
Correspondents in Bangalore
July 12, 2004
INDIA'S IT outsourcing centre
of Bangalore is emerging as the country's fastest
growing biotechnology city as well, an industry
Kiran Mazumdar Shaw, chief of Biocon, India's
largest biotechnology firm, said export revenues
of technology companies in the southern state
of Karnataka, of which Bangalore is the capital,
rose 43 per cent to ¥7.5 billion ($227 million)
for the year to the end of March.
"Total revenues of biotechnology firms
in Karnataka have grown from 14 billion rupees
to ¥15 billion rupees during the year to
March 2004," Mr Shaw said.
Of the 240 biotechnology firms in India 110
are based in Karnataka and Bangalore houses
97 of them.
"Bangalore is the fastest growing biocluster
in India as well as Asia," Mr Shaw said
adding the biotech sector in the city employed
"During the next two years projected investment
in the biotechnology sector is about ¥10
billion rupees," she said at the inaugural
session of Bangalore Bio 2004 exhibition.
Shaw said during the last financial year, 25
new biotechnology firms were set up in India
of which 17 were in Karnataka.
"Karnataka has also attracted the maximum
venture capitalists' funding with eight million
dollars being invested in the state's biotech
industry," she said.
The nascent biotech sector hopes to emulate
India's burgeoning software and outsourcing
industry. Officials said the manpower skills
required were common to both.
They said new opportunities for India were emerging
in the field of clinical trials and bio-informatics.
According to global accounting firm Ernst and
Young, India is one of the five emerging biotech
leaders in the Asia-Pacific region. It is ranked
third in the region based on the number of biotechnology
It said India would generate $US5 billion ($6.9
billion) in revenues and create more than one
million jobs over the next five years.
Karnataka chief minister Dharam Singh said a
¥1-billion biotech park would be set up
in the state in 2006.