Union Cabinet approved the Rs. 9,197 crore Bio-RIDE scheme

Current Context: The Union Cabinet has approved the Bio-RIDE scheme with an outlay of Rs. 9,197 crore. 

• This scheme, officially known as the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE), aims to support cutting-edge research and development in biotechnology.
• It will be implemented during the 15th Finance Commission period from 2021-22 to 2025-26.
• The Bio-RIDE scheme has three main components:
• Biotechnology Research and Development (R&D)
• Industrial & Entrepreneurship Development (I&ED)
• Biomanufacturing and Biofoundry
• The scheme is designed to foster innovation, promote bio-entrepreneurship, and strengthen India’s position as a global leader in biomanufacturing and biotechnology.
• It aims to accelerate research, enhance product development, and bridge the gap between academic research and industrial applications.

Question:

1 What is the full form of the Bio-RIDE scheme?

• A) Biotechnology Research Innovation and Entrepreneurship Development
• B) Biological Research, Innovation, and Development Engineering
• C) Biomanufacturing Research and Innovation for Development
• D) Bioinformatics Research and Industrial Development for Entrepreneurship

Answer: A) The Bio-RIDE scheme stands for Biotechnology Research Innovation and Entrepreneurship Development, designed to support research and development in biotechnology.