Biotech research gets 10-year boost

NEW DELHI: Finance Minister P Chidambaram has proposed 10-yr tax holiday for bio-tech research in the Union Budget for 2004-05 announced today.

According to the finance minister, companies doing research on bio-technology will now get 100 percent tax exemption for ten years.

The move is expected further boost the sunrise industry that is already being heralded as the next big wave after the IT revolution in India.