New Delhi, Sep 18 (PTI) The Union Cabinet on Wednesday approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme to support cutting-edge research and development in biotechnology.
Bio-RIDE combines two existing schemes -- Biotechnology Research and Development (R&D) and Industrial and Entrepreneurship Development (I&ED) -- with a new component, 'Bio-manufacturing and Bio-foundry', an official statement said.
The proposed outlay for the implementation of the unified scheme Bio-RIDE is Rs 9,197 crore during the 15th Finance Commission period from 2021-22 to 2025-26.
The Bio-RIDE scheme is designed to foster innovation, promote bio-entrepreneurship, and strengthen India’s position as a global leader in bio-manufacturing and biotechnology, the statement said.
It aims to accelerate research, enhance product development, and bridge the gap between academic research and industrial applications, it added.
The scheme is part of the government’s mission to harness the potential of bio-innovation to tackle national and global challenges such as healthcare, agriculture, environmental sustainability, and clean energy.
The government said the implementation of the Bio-RIDE scheme will nurture a thriving ecosystem for startups by providing seed funding, incubation support, and mentorship to bio-entrepreneurs.
The scheme will offer grants and incentives for cutting-edge research and development in areas such as synthetic biology, bio-pharmaceuticals, bio-energy, and bio-plastics.
A significant focus will be placed on promoting environmentally sustainable practices in bio-manufacturing, aligned with India’s green goals.