Union Cabinet Approves Bio-RIDE Scheme to Propel Biotechnology Innovation

The Union Cabinet has green-lit the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme to advance biotech research and entrepreneurship in India. With a budget of Rs 9,197 crore, Bio-RIDE aims to foster innovation, support startups, and promote sustainable bio-manufacturing practices from 2021-22 to 2025-26.

The Union Cabinet on Wednesday approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme aimed at boosting cutting-edge research and development in the biotechnology sector. This new scheme merges two existing programs and introduces 'Bio-manufacturing and Bio-foundry' to enhance India's biotechnological capabilities.

According to an official statement, the Bio-RIDE scheme will have a financial outlay of Rs 9,197 crore during the 15th Finance Commission period from 2021-22 to 2025-26. It aims to foster innovation, encourage bio-entrepreneurship, and position India as a global leader in bio-manufacturing and biotechnology.

The initiative intends to speed up research, improve product development, and bridge the gap between academic research and industrial application. It also aligns with the government's mission to utilize bio-innovation for addressing challenges in healthcare, agriculture, environmental sustainability, and clean energy.

(With inputs from agencies.)