Cabinet gives nod to Bio-RIDE scheme to support R&D in biotechnology
The Union Cabinet on Wednesday approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme to support cutting-edge research and development in biotechnology.
Bio-RIDE combines two existing schemes -- Biotechnology Research and Development (R&D) and Industrial and Entrepreneurship Development (I&ED) -- with a new component, 'Bio-manufacturing and Bio-foundry', an official statement said.
The proposed outlay for the implementation of the unified scheme Bio-RIDE is Rs 9,197 crore during the 15th Finance Commission period from 2021-22 to 2025-26.
The Bio-RIDE scheme is designed to foster innovation, promote bio-entrepreneurship, and strengthen India's position as a global leader in bio-manufacturing and biotechnology, the statement said.
It aims to accelerate research, enhance product development, and bridge the gap between academic research and industrial applications, it added.
The scheme is part of the government's mission to harness the ...