New Delhi [India], September 18 (ANI): The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the continuation of the two umbrella schemes of the Department of Biotechnology (DBT), merged as one scheme- ‘Biotechnology Research Innovation and Entrepreneurship Development (Bio- RIDE)’ with a new component namely Biomanufacturing and Biofoundry.
As per an official release, the scheme has three broad components including Biotechnology Research and Development (R&D), Industrial & Entrepreneurship Development (I&ED), and Biomanufacturing and Biofoundry.
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.
As per the release, the Bio-RIDE scheme 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 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.
The implementation of the 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 like synthetic biology, biopharmaceuticals, bioenergy, and bioplastics. It will create synergies between academic institutions, research organizations, and industry to accelerate the commercialization of bio-based products and technologies,” the release mentioned.
Through the scheme, a significant focus will be placed on promoting environmentally sustainable practices in biomanufacturing, aligned with India’s green goals.
“Bio-RIDE will play 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,” it said.
Further, to enable Circular-Bioeconomy in the country a component on Biomanufacturing and Biofoundry is being initiated in alignment with ‘Lifestyle for the Environment (LiFE)’ launched by the PM Modi to propel mitigation of global climate change by incorporating green and friendly environmental solutions in every aspect of life.
“This new component of Bio-RIDE aspires to nurture the immense potential of ‘Biomanufacturing’ to facilitate development of indigenous innovative solutions to improve healthcare outcomes, enhance agriculture productivity, foster growth of the bioeconomy, scale-up and commercialization of bio-based products, expanding India’s cohort of highly skilled workforce, and intensifying entrepreneurial momentum,” the release said.
The DBT’s ongoing efforts align with its vision of harnessing the potential of Biotechnology as a precision tool for national development and well-being of society to fulfill its mission to make India globally competitive in Biotechnology research, innovation, translation, entrepreneurship, and industrial growth and be a US$300 billion Bioeconomy by 2030. (ANI)
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