Sign In
Learn bits
Schemes & Policies
Mahesh

19/09/24 10:01 AM IST

‘Bio-RIDE’ scheme

In News
  • The Union Cabinet  approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme to support cutting-edge research and development in biotechnology.
Bio- RIDE Scheme
  • Bio-RIDE combines two existing schemes -- Biotechnology Research and Development (R&D) and Industrial and Entrepreneurship Development (I&ED) -- with a new component, 'Bio-manufacturing and Bio-foundry'.
  •  The proposed outlay for the implementation of the unified scheme Bio-RIDE is Rs 9,197 crore during the 15th Finance Commission period from 2021-22 to 2025-26.
    The Bio-RIDE scheme is designed to foster innovation, promote bio-entrepreneurship, and strengthen India's position as a global leader in bio-manufacturing and biotechnology.
  • It aims to accelerate research, enhance product development, and bridge the gap between academic research and industrial applications.
  • The scheme is part of the government's mission to harness the potential of bio-innovation to tackle national and global challenges such as healthcare, agriculture, environmental sustainability, and clean energy.
  •  The government said the implementation of the Bio-RIDE scheme will nurture a thriving ecosystem for startups by providing seed funding, incubation support, and mentorship to bio-entrepreneurs.
  • The scheme will offer grants and incentives for cutting-edge research and development in areas such as synthetic biology, bio-pharmaceuticals, bio-energy, and bio-plastics.
  • A significant focus will be placed on promoting environmentally sustainable practices in bio-manufacturing, aligned with India's green goals.
Features of the scheme
  • Promote Bio-Entrepreneurship: Bio-RIDE will nurture a thriving ecosystem for startups by providing seed funding, incubation support, and mentorship to bio-entrepreneurs.
  • Advance Innovation: The scheme will offer grants and incentives for cutting-edge research and development in areas like synthetic biology, biopharmaceuticals, bioenergy, and bioplastics.
  • Facilitate Industry-Academia Collaboration: Bio-RIDE will create synergies between academic institutions, research organizations, and industry to accelerate the commercialization of bio-based products and technologies.
  • Encourage Sustainable Biomanufacturing: A significant focus will be placed on promoting environmentally sustainable practices in biomanufacturing, aligned with India’s green goals.
  • Support researchers through Extramural funding: Bio-RIDE will play critical role in advancing scientific research, innovation, and technological development across diverse fields of biotechnology by supporting extramural funding to research institutions, universities, and individual researchers in areas such as agriculture, healthcare, bioenergy, and environmental sustainability.
  • Nurturing Human Resource in Biotechnology sector:  Bio-RIDE will provide holistic development and support to students, young researchers and scientists working in the multidisciplinary areas of Biotechnology. The integrated programme of Human Resource Development will contribute towards the capacity building and skilling of the manpower and make them competent to leverage the newer horizon of technological advancements.
Source- PIB

More Related Current Affairs View All

19 Sep

Cabinet clears development of Next Generation of satellite Launch Vehicle

'The Union Cabinet, led by Prime Minister Narendra Modi, has approved the development of the Next Generation Launch Vehicle (NGLV).' The NGLV is set to significantly enhance Ind

Read More

19 Sep

Cabinet approves Pradhan Mantri Janjatiya Unnat Gram Abhiyan

'The Union Cabinet recently approved a package that will provide up to ?5 lakh each to tribal households and villages across the country.' The new package also aims to give an i

Read More

19 Sep

Kovind committee’s ‘One nation, one election’ recommendation gets Cabinet nod

'The Union Cabinet has cleared the proposal to hold simultaneous elections in India, as recommended by a high-level committee headed by former President Ram Nath Kovind.' It r

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps