Source: PIB
Context: The Union Cabinet approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme, merging two existing Department of Biotechnology schemes.
- Bio-RIDE aims to foster innovation, bio-entrepreneurship, and sustainable biomanufacturing.
Key components of Bio-RIDE:
- Biotechnology Research & Development (R&D) – Supports cutting-edge research in fields like synthetic biology and bioenergy.
- Industrial & Entrepreneurship Development (I&ED) – Promotes bio-entrepreneurship through funding, incubation, and mentorship.
- Biomanufacturing and Biofoundry – Focuses on sustainable practices and circular bioeconomy to address healthcare, agriculture, and climate challenges.
The scheme encourages industry-academia collaboration, supports extramural funding for research, and aims to make India a global leader in biotechnology, contributing to the goal of a $300 billion bioeconomy by 2030.
