Bio-RIDE Scheme: Advancing Biotechnology Research and Development in India
Bio-RIDE Scheme Unveiled
The Union Cabinet has approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme, a landmark initiative designed to boost cutting-edge research and development in biotechnology.
Overview of the Bio-RIDE Scheme
Combining two previous schemes – Biotechnology Research and Development (R&D) and Industrial and Entrepreneurship Development (I&ED) – the Bio-RIDE initiative introduces a new component: 'Bio-manufacturing and Bio-foundry'. The unified scheme has a proposed outlay of Rs 9,197 crore from the 15th Finance Commission period, spanning 2021-22 to 2025-26.
Key Objectives
- Fostering Innovation: The scheme is set to nurture innovation.
- Promoting Bio-Entrepreneurship: By fostering a supportive ecosystem, it aims to enhance bio-entrepreneurship.
- Strengthening India’s Global Position: Establishing India as a leader in bio-manufacturing and biotechnology.
Bio-RIDE's main goal is to accelerate research and enhance product development, aiming to bridge academic research and industrial applications.
Support for Startups
The scheme includes provisions for seed funding, incubation support, and mentorship to empower bio-entrepreneurs. Grants and incentives will fuel R&D in sectors such as synthetic biology, bio-pharmaceuticals, bio-energy, and bio-plastics.
Environmental Focus
A significant emphasis will surround promoting environmentally sustainable practices in bio-manufacturing, in alignment with India's green initiatives.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.