Context
The Union Cabinet approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme to support current studies and development in biotechnology.
About
- Bio-RIDE combines two present schemes — Biotechnology Research and Development (R&D) and Industrial and Entrepreneurship Development (I&ED) — with a new component, Bio-production and Bio-foundry.
- The outlay for the implementation of the scheme is Rs.9197 crore during the 15th finance Commission period from 2021-22 to 2025-26.
Implementation of Bio-RIDE Scheme
- Promote Bio-Entrepreneurship: Bio-RIDE will nurture a thriving environment for startups by presenting seed investment, incubation help, and mentorship to bio-marketers.
- Advance Innovation: The scheme will provide presents and incentives for modern research and improvement in areas like synthetic biology, biopharmaceuticals, bioenergy, and bioplastics.
- Facilitate Industry-Academia Collaboration: Bio-RIDE will create synergies between academic institutions, research organizations, and industry to accelerate the commercialization of bio-based products and technologies.
Status of Biotechnology in India
- India ranks third in the Asia-Pacific area and 12fth globally in terms of biomanufacturing.
- Biotechnology, a dawn region, has performed a valuation of Rs 75,000 crore over the past 10 years.
- The Indian Biotechnology industry was worth $93.1 billion in 2022, with expectancies of attaining $300 billion by 2030.
- In the Global Innovation Index, India has climbed from 81st place in 2015 to 40th out of 132 economies in 2023.
- In 2022, BioEconomy accounted for 4% of India’s gross domestic product (GDP) of $3.47 trillion and employs over 2 million humans.
Government Initiatives
- Biotechnology Industry Research Assistance Council (BIRAC) established by the Department of Biotechnology (DBT) is aimed toward strengthening and empowering emerging biotechnology firms to adopt strategic studies and innovation.
- Policy initiatives of the Government of India (GoI) which include Startup India and Make in India packages are aimed to develop India as a global-elegance Biotechnology and Bio-production hub.
- Favorable Government Policies like Draft R&D Policy 2021, PLI Schemes and Clinical trial guidelines have propelled India to be the ‘pharmacy of the arena’.
- FDI Policy: 100% FDI is permitted under the automated path for greenfield pharma. Also a hundred% FDI is permitted under the government path for brownfield pharma.
- Up to 74% FDI is under the automatic path and past seventy four% is under the authorities approval route.
Conclusion
- The Bio-RIDE scheme is designed to foster innovation, promote bio-entrepreneurship, and give a boost to India’s function as a global chief in biomanufacturing and biotechnology.
- It aims to boost up studies, enhance product improvement, and bridge the gap among instructional research and industrial applications.
Source: The Hindu