Cabinet Approves Bio-RIDE Scheme to Boost Bio-Entrepreneurship, Aiming for USD 300 Billion Bioeconomy by 2030
By providing a framework for innovation, entrepreneurship, and sustainable biomanufacturing, Bio-RIDE is poised to play a crucial role in achieving the government’s vision of making India a USD 300 billion bioeconomy by 2030 and contributing to the larger goal of ‘Viksit Bharat 2047’.
The Department of Biotechnology (DBT) has two umbrella programs that have been merged into a unified scheme called 'Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE)' This is a significant step towards advancing India's biotechnology sector, as approved by the Union Cabinet led by Prime Minister Narendra Modi. This new scheme includes an additional component, Biomanufacturing and Biofoundry, aimed at strengthening India’s bioeconomy.
The total outlay for the Bio-RIDE scheme is Rs. 9,197 crore, which will be utilized during the 15th Finance Commission period (2021-2026). The scheme has been designed to drive innovation, foster bio-entrepreneurship, and position India as a global leader in biomanufacturing and biotechnology.
Key Components of Bio-RIDE:
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Biotechnology Research and Development (R&D)
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Industrial & Entrepreneurship Development (I&ED)
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Biomanufacturing and Biofoundry
Objectives of Bio-RIDE Scheme:
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Promoting Bio-Entrepreneurship: Bio-RIDE will provide essential support to startups in the biotechnology field by offering seed funding, incubation services, and mentorship programs.
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Advancing Innovation: The scheme will fund advanced research in cutting-edge fields like synthetic biology, biopharmaceuticals, bioenergy, and bioplastics to drive technological progress.
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Strengthening Industry-Academia Collaboration: It will facilitate close collaboration between academic institutions, research organizations, and industries to accelerate the commercialization of bio-based innovations.
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Supporting Sustainable Biomanufacturing: The scheme will promote eco-friendly biomanufacturing practices, contributing to India’s sustainable development goals.
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Extramural Funding for Research: Bio-RIDE will provide grants to support research in various fields such as agriculture, healthcare, and environmental sustainability, thereby contributing to scientific advancement and technological innovation.
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Human Resource Development: The scheme will focus on nurturing young talent and researchers by providing opportunities for capacity building, skill development, and enhancing the biotechnology workforce.
Aiming for a Circular-Bioeconomy
The new component, Biomanufacturing and Biofoundry, aligns with the government’s ‘Lifestyle for the Environment’ (LiFE) initiative, launched by the Prime Minister to mitigate global climate change by promoting green practices. This aspect of Bio-RIDE aims to nurture biomanufacturing as a tool for sustainable development, improving healthcare, boosting agricultural productivity, and fostering economic growth through bio-based solutions.
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