New Delhi, Sep 18 : To support cutting-edge research and development in the field of biotechnology, the Union Cabinet on Wednesday approved the continuation of the two umbrella schemes of Department of Biotechnology (DBT) as one unified scheme.

Called 'Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE), the proposed outlay for the implementation of the unified scheme is Rs 9,197 crore during the 15th finance Commission period from 2021-22 to 2025-26.

The scheme has three broad components: biotechnology research and development (R&D), industrial and entrepreneurship development (I&ED) and biomanufacturing and biofoundry.

It will nurture a thriving ecosystem for startups by providing seed funding, incubation support, and mentorship to bio-entrepreneurs.

The scheme will offer grants and incentives for cutting-edge research and development in areas like synthetic biology, biopharmaceuticals, bioenergy, and bioplastics.

'Bio-RIDE will create synergies between academic institutions, research organisations, and industry to accelerate the commercialization of bio-based products and technologies,' said the ministry.

The scheme is designed to foster innovation, promote bio-entrepreneurship, and strengthen India's position as a global leader in biomanufacturing and biotechnology.

A significant focus will be placed on promoting environmentally sustainable practices in biomanufacturing, aligned with India's green goals, the ministry noted.

To enable circular-bioeconomy in the country, a component on biomanufacturing and biofoundry is being initiated in alignment with 'Lifestyle for the Environment (LiFE)' launched by Prime Minister Narendra Modi to propel mitigation of global climate change by incorporating green and friendly environmental solutions in every aspect of life.

According to the ministry, the new component aspires to nurture the immense potential of 'biomanufacturing' to facilitate development of indigenous innovative solutions to improve healthcare outcomes, enhance agriculture productivity, foster growth of the bioeconomy and scale-up and commercialisation of bio-based products.

Biomanufacturing and bio-foundry are part of the new BioE3 (Biotechnology for Economy, Environment and Employment) policy that will drive India's green growth.

The country's bioeconomy rose from $10 billion in 2014 to over $130 billion in 2024. It is projected to reach $300 billion by 2030.

/IANS