Context:
Recently, The Union Cabinet approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme to support cutting-edge research and development in biotechnology.
More on the news
- Bio-RIDE combines two existing schemes—Biotechnology Research and Development (R&D) and Industrial and Entrepreneurship Development (I&ED)—with a new component called Bio-manufacturing and Bio-foundry.
- The budget for implementing Bio-RIDE is set at ₹9,197 crore, covering the period from 2021-22 to 2025-26 under the 15th Finance Commission.
Objectives:
- To foster innovation and promote bio-entrepreneurship, positioning India as a global leader in biotechnology and biomanufacturing.
- To accelerate research, improve product development, and connect academic findings with industrial applications.
- It aligns with the Government of India’s mission to leverage bio-innovation to address challenges in healthcare, agriculture, environmental sustainability, and clean energy.
Current status of biotechnology
- India is among the top 12 destinations for biotechnology worldwide.
- The number of biotech startups is expected to reach 10,000 by 2025.
Significance of Bio-RIDE
- Promote Bio-Entrepreneurship: Bio-RIDE will support startups with seed funding, incubation, and mentorship.
- Advance Innovation: The scheme will provide grants for research in areas like synthetic biology, biopharmaceuticals, bioenergy, and bioplastics.
- Facilitate Industry-Academia Collaboration: Bio-RIDE will encourage partnerships between schools, research organizations, and businesses to bring bio-based products to market.
- Encourage Sustainable Biomanufacturing: The scheme will focus on promoting eco-friendly practices in biomanufacturing, supporting India’s environmental goals.
- Support Researchers through Extramural Funding: Bio-RIDE will fund research institutions, universities, and individuals in various biotechnology fields, including agriculture and healthcare.
- Nurture Human Resources in Biotechnology: The scheme will help students and young researchers develop their skills, preparing them to take advantage of new technologies in the field.