The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the continuation of the merged schemes under the Department of Biotechnology (DBT) as the ‘Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE)’ scheme. This new initiative includes a component focused on Biomanufacturing and Biofoundry.
Components of the Bio-RIDE Scheme
The Bio-RIDE scheme consists of three primary components:
- Biotechnology Research and Development (R&D)
- Industrial & Entrepreneurship Development (I&ED)
- Biomanufacturing and Biofoundry
Financial Overview
The proposed financial outlay for the unified Bio-RIDE scheme is Rs. 9,197 crore for the 15th Finance Commission period, spanning from 2021-22 to 2025-26.
Objectives of the Bio-RIDE Scheme
The Bio-RIDE scheme aims to:
- Foster Innovation: Promote bio-entrepreneurship and strengthen India’s position in biomanufacturing and biotechnology.
- Accelerate Research: Enhance product development and bridge the gap between academic research and industrial applications.
- Address Global Challenges: Tackle issues in healthcare, agriculture, environmental sustainability, and clean energy.
Key Initiatives
- Promote Bio-Entrepreneurship: Provide seed funding, incubation support, and mentorship for startups in the biotechnology sector.
- Advance Innovation: Offer grants and incentives for research in areas such as synthetic biology, biopharmaceuticals, bioenergy, and bioplastics.
- Facilitate Industry-Academia Collaboration: Enhance partnerships between academic institutions, research organizations, and industry to commercialize bio-based products.
- Encourage Sustainable Biomanufacturing: Focus on environmentally sustainable practices in line with India’s green goals.
- Support Extramural Funding: Aid research institutions and universities in advancing scientific research across various biotechnology fields.
- Nurture Human Resources: Provide holistic development for students, researchers, and scientists in biotechnology to enhance skills and competencies.
Circular Bioeconomy
A new component on Biomanufacturing and Biofoundry aims to align with the ‘Lifestyle for the Environment (LiFE)’ initiative to address global climate change by promoting environmentally friendly solutions. This component seeks to:
- Develop innovative healthcare solutions.
- Enhance agricultural productivity.
- Foster growth in the bioeconomy.
- Scale up and commercialize bio-based products.
Vision for the Future
The DBT’s ongoing efforts align with its vision of utilizing biotechnology as a precision tool for national development, aiming for a US$300 billion bioeconomy by 2030. The Bio-RIDE Scheme is crucial for realizing the vision of ‘Viksit Bharat 2047’.
Multiple-Choice Questions (MCQs):
- What is the new umbrella scheme approved by the Union Cabinet?
- A) Bio-Innovation and Entrepreneurship Scheme
- B) Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE)
- C) Biotechnology Development Fund
- D) Biomanufacturing Initiative
- What is the proposed financial outlay for the Bio-RIDE scheme?
- A) Rs. 5,000 crore
- B) Rs. 7,500 crore
- C) Rs. 9,197 crore
- D) Rs. 12,000 crore
- Which component is included in the Bio-RIDE scheme?
- A) Biotechnology Manufacturing Only
- B) Biotechnology Research Only
- C) Biomanufacturing and Biofoundry
- D) Environmental Protection Fund
- What is one of the objectives of the Bio-RIDE scheme?
- A) To reduce agricultural productivity
- B) To promote bio-entrepreneurship
- C) To eliminate academic research
- D) To discourage industry collaboration
- What is the vision for India’s bioeconomy by 2030?
- A) US$100 billion
- B) US$200 billion
- C) US$300 billion
- D) US$400 billion