Cabinet Approves ‘Bio-RIDE’ Scheme for Biotechnology Advancement

Why in the news?

The Union Cabinet approved the ‘Bio-RIDE’ scheme to support biotechnology research, innovation, and entrepreneurship, aiming to strengthen India’s position in biomanufacturing and achieve a $300 billion bioeconomy by 2030.

About the Key Approval:

  • The Union Cabinet, led by PM Narendra Modi, approved the merger of two Department of Biotechnology (DBT) schemes into the unified ‘BiotechnologyResearch Innovation and Entrepreneurship Development (Bio-RIDE)’
  • Bio-RIDE has three main components:
    • Biotechnology Research & Development (R&D)
    • Industrial & Entrepreneurship Development (I&ED)
    • Biomanufacturing and Biofoundry
  • The scheme’s outlay is 9197 crore, covering 2021-22 to 2025-26.

Key Objectives:

  • Promote Bio-Entrepreneurship: Offers seed funding, incubation, and mentorship for startups in biotechnology.
  • Advance Innovation: Supports cutting-edge R&D in areas like synthetic biology, bioenergy, and biopharmaceuticals.
  • Facilitate Industry-Academia Collaboration: Strengthens links between research organisations, academia, and industry to drive commercialization of bio-based technologies.

Key Initiatives:

  • Sustainable Biomanufacturing: Focuses on environmentally-friendly biomanufacturing in line with India’s green goals.
  • Human Resource Development: Aims to build capacity and skill the workforce in biotechnology, supporting students, researchers, and scientists.
  • Circular Bioeconomy: Promotes climate-friendly solutions under the ‘Lifestyle for the Environment (LiFE)’ initiative to foster a $300 billion bioeconomy by 2030.

Sources Referred:

PIB, The Hindu, Indian Express, Hindustan Times