Mr KV Subramaniam, president and chief executive officer, Reliance Life Sciences
In an exclusive interview with the BioSpectrum's Rahul Koul, Mr KV Subramaniam, president and chief executive officer, Reliance Life Sciences also urged the industry to increase its investments in research. Read on for details:
Q: What are your expectations from the upcoming union budget? Would it be different from ones presented earlier?
Broadly stated, with the long overdue emphasis on manufacturing in India, one can expect a focus on enabling manufacturing in the country; with a mix of schemes and incentives spanning research, investments, reducing taxation, lowering infrastructural barriers and competency development. Specific aspects would depend on the inter-se importance that different sectors of economy, industry and society that the Government of India wants to give. Within this, I do expect a stress on technology sectors, including biotechnology.
Q: Which are the key points that the previous budgets have failed to cover and need to be given attention now?
The systemic costs of setting up and operating manufacturing units in India are significantly high, as also the frustrations and time taken. This is the result of a control-mindset, mistrust and lack of administrative productivity that governance in India has traditionally had. Innovation, across all areas of the economy, has never been at the centre of policy measures and the emphasis has been on balancing books and on fiscal aspects. I would look forward to these aspects being given due attention in the forthcoming budget.