Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) Scheme: The Bio-RIDE scheme has been approved by the Union Cabinet to advance biotechnology research, innovation, and entrepreneurship in India. The scheme aligns with India's broader goal to become a global leader in biotechnology and significantly contribute to the bioeconomy.
Objectives of Bio-RIDE: - Foster Innovation and Entrepreneurship: The scheme aims to promote research, innovation, and entrepreneurship in the biotechnology sector, positioning India as a global leader in this field.
- Achieve Bioeconomy Targets: Bio-RIDE is aligned with India's goal to create a USD 300 billion bioeconomy by 2030, contributing to the vision of Viksit Bharat 2047 (a developed India by 2047).
Key Features and Budget: - Total Budget: The scheme has been allocated ₹9,197 crore for implementation over the 15th Finance Commission period from 2021-22 to 2025-26.
Key Components of Bio-RIDE: - Biotechnology Research and Development (R&D):
- Focus Areas: The scheme promotes innovation in areas like synthetic biology, biopharmaceuticals, bioenergy, and more.
- Support Provided: It offers grants and incentives to accelerate research and development in biotechnology, creating an ecosystem conducive to breakthrough innovations.
- Industrial & Entrepreneurship Development:
- Support for Startups: Bio-RIDE is designed to nurture biotechnology startups by providing funding, incubation, and mentorship.
- This will enhance the country's ability to develop and commercialize biotech solutions for various sectors, including healthcare, agriculture, and the environment.
- Biomanufacturing and Biofoundry:
- Promoting Sustainable Practices: Bio-RIDE will encourage sustainable biomanufacturing practices, in line with the vision of a circular bioeconomy.
- Focus on Green Solutions: The scheme also supports the Lifestyle for the Environment (LiFE) initiative, aiming to develop eco-friendly solutions that can tackle challenges such as climate change, improve healthcare systems, boost agricultural productivity, and promote the scaling of bio-based products.
Vision and Strategic Goals: - Global Leadership in Biotechnology: Bio-RIDE aims to position India as a global leader in biotechnology, leveraging its vast human resource pool, research capabilities, and market potential.
- Bioeconomy Growth: The scheme is a key driver to reach the target of a USD 300 billion bioeconomy by 2030, by fostering innovation and scaling biotechnology solutions.
Key Takeaways
The
Bio-RIDE scheme marks a major step in strengthening India's biotechnology sector. By focusing on research, innovation, and entrepreneurship, it will help foster
cutting-edge biotech solutions that address global challenges. With the support of funding, incubation, and sustainable practices, this initiative is poised to contribute significantly to India's
bioeconomy, healthcare, agriculture, and climate change mitigation efforts. The scheme will also play a pivotal role in advancing India's goals for
Viksit Bharat 2047 and global biotechnology leadership.
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