The Union Cabinet has approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme with an outlay of 9,197 crore.
Two umbrella schemes under the Department of Biotechnology (DBT) have been merged into a unified initiative known as the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme.
The main aim of the Bio-RIDE scheme is to foster innovation and encourage bio-entrepreneurship.
Its main aim is to accelerate research, enhance product development, and bridge the gap between academic research and industrial applications.
A new component called Biomanufacturing and Biofoundry has been included in the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme.
This new component will help India achieve the goal of creating a circular bioeconomy by developing Indigenous solutions.
Bio-RIDE will also play an important role in making India’s bioeconomy of $300 billion by 2030.
