New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the continuation of two key umbrella schemes under the Department of Biotechnology (DBT), merging them into a unified initiative called the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme. A new component, Biomanufacturing and Biofoundry, has also been introduced, aiming to strengthen India’s leadership in biotechnology and biomanufacturing.
The total financial outlay for the Bio-RIDE scheme is Rs. 9,197 crore for the period from 2021-22 to 2025-26, covering the 15th Finance Commission cycle.
Key Components of Bio-RIDE:
- Biotechnology Research and Development (R&D)
- Industrial and Entrepreneurship Development (I&ED)
- Biomanufacturing and Biofoundry
Objectives and Impact:
The Bio-RIDE scheme is designed to accelerate research, foster bio-entrepreneurship, and facilitate collaboration between academia and industry. It aims to harness the potential of biotechnology to address national and global challenges in healthcare, agriculture, environmental sustainability, and clean energy.
Key Benefits:
- Promote Bio-Entrepreneurship: Bio-RIDE will nurture a thriving startup ecosystem, providing seed funding, incubation, and mentorship to bio-entrepreneurs.
- Advance Innovation: Grants and incentives will be offered for cutting-edge research in synthetic biology, biopharmaceuticals, bioenergy, and bioplastics.
- Industry-Academia Collaboration: The scheme will create synergies between research institutions and industry to accelerate the commercialization of biotechnology innovations.
- Sustainable Biomanufacturing: A focus on environmentally friendly biomanufacturing practices aligns with India’s green goals.
- Support Researchers: Extramural funding will be provided to universities and research institutions to advance biotech research.
- Human Resource Development: Bio-RIDE will offer comprehensive support for students, young researchers, and scientists, contributing to capacity building and skill development in the biotech sector.
Biomanufacturing and Biofoundry:
A critical component of Bio-RIDE is its emphasis on biomanufacturing, in alignment with the Lifestyle for the Environment (LiFE) initiative launched by Prime Minister Modi. This aims to mitigate climate change through sustainable, eco-friendly solutions. The new focus on biomanufacturing will drive the development of indigenous bio-based products, boost healthcare outcomes, enhance agricultural productivity, and propel the bioeconomy towards the government’s vision of a $300 billion bioeconomy by 2030.