New Delhi, Aug. 31 -- India is overhauling regulations under the Biological Diversity Act, 2002, to give its ayurvedic medicine, pharmaceutical and wellness sectors a major boost, and making it easier for companies to access natural resources while safeguarding the country's rich biodiversity.

The reforms simplify approval processes, waive access and benefit sharing fees for start-ups and small businesses with turnover below Rs.5 crore, and drastically cut the time required for research, applications and product clearances.

Companies seeking to access biological resources and traditional knowledge typically need to navigate a complex and time-consuming approval process.

By easing compliance, the government aims to accelerate innovation...