Bio-RIDE Scheme for Biotechnology Innovation

On 18th September 2024, the Union Cabinet approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme to enhance research and development in biotechnology.

Key Points

Scheme Overview: Bio-RIDE merges two existing initiatives—Biotechnology Research and Development (R&D) and Industrial and Entrepreneurship Development (I&ED)—and introduces a new component focused on ‘Bio-manufacturing and Bio-foundry.’
Financial Commitment: The unified Bio-RIDE scheme will have an implementation outlay of ₹9,197 crore for the 15th Finance Commission period, spanning from 2021-22 to 2025-26.
Goals and Objectives: The scheme aims to foster innovation and promote bio-entrepreneurship, positioning India as a global leader in bio-manufacturing and biotechnology. It will accelerate research, enhance product development, and bridge the gap between academic research and industrial applications.
Support for Startups: Bio-RIDE is designed to create a thriving ecosystem for startups by offering seed funding, incubation support, and mentorship for bio-entrepreneurs.
Focus Areas: The scheme will provide grants and incentives for advanced research in synthetic biology, bio-pharmaceuticals, bio-energy, and bio-plastics, with a strong emphasis on environmentally sustainable practices aligned with India’s green goals.