The Union Cabinet on Wednesday approved the continuation of two umbrella schemes under the Department of Biotechnology (DBT), merging them into a unified initiative known as the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme. With a total outlay of Rs. 9,197 crore during the 15th Finance Commission period from 2021-22 to 2025-26, Bio-RIDE includes a new component called Biomanufacturing and Biofoundry, aimed at advancing India’s capabilities in biotechnology and biomanufacturing.
The Bio-RIDE scheme has been designed to foster innovation, encourage bio-entrepreneurship and position India as a global leader in biotechnology and biomanufacturing. It seeks to accelerate research, enhance product development, and bridge the gap between academic research and industrial applications.
The new component, Biomanufacturing and Biofoundry, will further India’s goal of creating a circular bioeconomy by developing indigenous solutions in areas such as healthcare and agriculture while focusing on sustainability. This initiative is also in sync with Prime Minister Modi’s ‘Lifestyle for the Environment (LiFE)’ mission, which aims to mitigate climate change by promoting environmentally friendly practices in all aspects of life.
In addition to bolstering research and development, Bio-RIDE emphasizes building a strong entrepreneurial ecosystem by supporting startups with seed funding, incubation, and mentorship. It also aims to foster collaboration between academia, research organizations, and industries to fast-track the commercialization of bio-based products and technologies.
Furthermore, the scheme will focus on human resource development, providing support to young researchers, students, and scientists in biotechnology to enhance their skills and make them adept at utilizing the latest advancements in the field.
Bio-RIDE will also play a significant role in driving India’s bioeconomy, contributing to the country’s vision of becoming a $300 billion bioeconomy by 2030. By nurturing innovation, entrepreneurship, and sustainable biomanufacturing, the scheme is set to make a substantial contribution towards achieving the goal of a ‘Viksit Bharat 2047,’ where biotechnology plays a crucial role in national development.
