(THE GIST OF PIB) Bio-RIDE Scheme

(THE GIST OF PIB) Bio-RIDE Scheme

(SEPTEMBER-2024)

Bio-RIDE Scheme

• Recently, the Union Cabinet, chaired by the Prime Minister of India approved continuation of the two umbrella schemes of Department of Biotechnology (DBT), merged as one scheme-‘Biotechnology Research Innovation and Entrepreneurship Development (Bio- RIDE).

About Bio-RIDE Scheme:

• It is designed to foster innovation, promote bio-entrepreneurship, and strengthen India’s position as a global leader in biomanufacturing and biotechnology.

• It aims to accelerate research, enhance product development, and bridge the gap between academic research and industrial applications.

The scheme has three broad components:

1. Biotechnology Research and Development (R&D);

2. Industrial & Entrepreneurship Development (I&ED)

3. Biomanufacturing and Biofoundry (New component under this new scheme)

• It is part of the Government of India’s mission to harness the potential of bio-innovation to tackle national and global challenges such as healthcare, agriculture, environmental sustainability, and clean energy.

• Funding and Time period: The proposed outlay for the implementation of the unified scheme ‘Bio-RIDE’ is Rs.9197 crore during the 15th finance Commission period from 2021-22 to 2025-26.

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Courtesy: PIB