• UGI USER
  • Feb 03, 2024
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NEW BIO-MANUFACTURING SCHEME

Why in the News?

  • The Finance Minister announces a new scheme for bio-manufacturing and bio-foundry in the interim Budget speech.

About the Scheme:

  • Aims to promote eco-friendly alternatives like biodegradable polymers, bio-plastics, pharmaceuticals, and agricultural inputs.
  • Part of the strategy to boost India’s bio-economy, targeting a $300 billion contribution by 2030, aligning with sustainability and green economy objectives.
  • The new scheme aims to shift manufacturing paradigms towards regenerative principles, fostering sustainable consumption practices.
Key Term

Bio-foundry 

Bio-foundry is a facility equipped with advanced biotechnological tools and techniques to engineer biological systems, produce biomolecules, and develop bio-based products efficiently and cost-effectively.