Rapid Fire
Bio-RIDE Scheme
- 21 Sep 2024
- 1 min read
Recently, the Union Cabinet has approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme.
- About Bio-RIDE:
- Its aim is to foster research, innovation, and entrepreneurship in biotechnology, positioning India as a global leader in this field.
- To make India a USD 300 billion bioeconomy by 2030 and achieve the vision of Viksit Bharat 2047.
- The proposed budget for the scheme's implementation is ₹9,197 crore for the 15th Finance Commission period from 2021-22 to 2025-26.
- Key Components:
- Biotechnology R&D: Supports innovation in synthetic biology, biopharmaceuticals, bioenergy, and more through grants and incentives.
- Industrial & Entrepreneurship Development: Nurtures startups with funding, incubation, and mentorship.
- Biomanufacturing and Biofoundry: Promotes sustainable practices in biomanufacturing.
- It supports a circular bioeconomy in line with the Lifestyle for the Environment (LiFE)’ initiative to develop eco-friendly solutions to tackle climate change, improve healthcare, boost agriculture, and scale bio-based products.
Read More: India's Biotech Revolution, National Biopharma Mission
