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

Published on September 19, 2024

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

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

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