29 Oct 2024        12:45:04 pm

Current Affairs

Bio-RIDE Scheme

Tags : Bio-RIDE Scheme

Topic: Biotechnology

Why in the news?

• The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, approved continuation of the two umbrella schemes of Department of Biotechnology (DBT), merged as one scheme-‘Biotechnology Research Innovation and Entrepreneurship Development (Bio- RIDE)’ with a new component namely Biomanufacturing and Biofoundry.

Source: PIB

About Bio-RIDE Scheme: 

• It is designed to foster innovation, promote bio-entrepreneurship, and strengthen India’s position as a global leader in biomanufacturing and biotechnology.
• It aims to accelerate research, enhance product development, and bridge the gap between academic research and industrial applications.
• The scheme has three broad components:
  • Biotechnology Research and Development (R&D);
  • Industrial & Entrepreneurship Development (I&ED)
  • Biomanufacturing and Biofoundry (New component under this new scheme)
• It is part of the Government of India’s mission to harness the potential of bio-innovation to tackle national and global challenges such as healthcare, agriculture, environmental sustainability, and clean energy.
• Funding and Time period: The proposed outlay for the implementation of the unified scheme ‘Bio-RIDE’ is Rs.9197 crore during the 15th finance Commission period from 2021-22 to 2025-26.
• Implementation of Bio-RIDE Scheme will -
  • Promote Bio-Entrepreneurship: It will nurture a thriving ecosystem for startups by providing seed funding, incubation support, and mentorship to bio-entrepreneurs.
  • Advance Innovation: It will offer grants and incentives for cutting-edge research and development in areas like synthetic biology, biopharmaceuticals, bioenergy, and bioplastics.
  • Facilitate Industry-Academia Collaboration: It will create synergies between academic institutions, research organizations, and industry to accelerate the commercialization of bio-based products and technologies.
  • Encourage Sustainable Biomanufacturing: A significant focus will be placed on promoting environmentally sustainable practices in biomanufacturing, aligned with India’s green goals.
  • Support researchers through Extramural funding: It will play a critical role in advancing scientific research, innovation, and technological development across diverse fields of biotechnology by supporting extramural funding to research institutions, universities, and individual researchers in areas such as agriculture, healthcare, bioenergy, and environmental sustainability.
  • Nurturing Human Resource in Biotechnology sector: It will provide holistic development and support to students, young researchers and scientists working in the multidisciplinary areas of Biotechnology.

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