The Union Cabinet has approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) Scheme, a major initiative to harness biotechnology's potential to tackle pressing challenges in healthcare, agriculture, and environmental sustainability. This scheme is part of the Government of India’s broader mission to strengthen India’s role in the global bioeconomy.
Key Features of Bio-RIDE
Nodal Department: The scheme will be managed by the Department of Biotechnology, under the Ministry of Science & Technology.
Objectives:
Strengthen India’s position as a global leader in biomanufacturing and biotechnology.
Achieve the target of making India a US$300 billion bioeconomy by 2030.
Components of Bio-RIDE
The scheme is structured around three major components:
Biotechnology Research & Development (R&D): This component focuses on human resource development, bioinformatics, biotech infrastructure, and the establishment of Centres of Excellence.
Industrial & Entrepreneurship Development (I&ED): Provides support for Public-Private Partnership programs, Bio-clusters, and Biotech parks to foster collaboration between industry and academia.
Biomanufacturing & Biofoundry (B&B): A new initiative aimed at promoting a Circular Bioeconomy in line with the Lifestyle for the Environment (LiFE) mission. The circular bioeconomy model seeks to use renewable natural resources to create sustainable solutions for land, food, health, and industrial systems.
Funding and Financial Outlay
The Bio-RIDE scheme has a total outlay of ₹9,197 crore allocated for the period of the 15th Finance Commission (2021-2026). This funding will support various initiatives, including startup incubation, seed funding, and mentorship.
Significance of the Bio-RIDE Scheme
Promoting Bio-Entrepreneurship: The scheme will nurture the startup ecosystem by offering funding and mentorship to emerging bio-entrepreneurs.
Advancing Innovation: It will provide grants and incentives for cutting-edge research in areas such as synthetic biology, biopharmaceuticals, bioenergy, and bioplastics.
Facilitating Industry-Academia Collaboration: By encouraging partnerships between academic institutions and industries, the scheme will help accelerate the commercialization of bio-based technologies.
Encouraging Sustainable Practices: The focus on biomanufacturing and human resource development will help build a more sustainable bioeconomy, aligned with global sustainability goals.
The Bio-RIDE scheme is set to play a pivotal role in driving India’s biotechnology sector towards achieving global leadership while addressing critical national and global challenges.
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