Daily Current Affairs : 20-September-2024
The Union Cabinet of India has authorized the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme, which merges current projects from the Department of Biotechnology. Bio-RIDE is designed to aid the increase of biotechnology in India by fostering innovation, bio-entrepreneurship, and sustainable biomanufacturing. The scheme has been developed with the purpose of positioning India as a global leader in biotechnology, contributing to the creation of a $300 billion bioeconomy by 2030.
Key Objectives of Bio-RIDE
Bio-RIDE aims to create a comprehensive environment that promotes research, entrepreneurship, and sustainable practices within the biotechnology sector. It includes several key components:
1. Biotechnology Research & Development (R&D)
- Supports advanced research in biotechnology fields such as synthetic biology, bioenergy, and genetic engineering.
- Encourages new scientific discoveries and innovations that can address global challenges in health, agriculture, and the environment.
2. Industrial & Entrepreneurship Development (I&ED)
- Promotes bio-entrepreneurship by providing financial support, incubation centers, and mentorship to startups and emerging businesses.
- Helps transform innovative ideas into market-ready products and solutions, creating opportunities for entrepreneurs in biotechnology.
3. Biomanufacturing and Biofoundry
- Focuses on developing sustainable manufacturing practices, emphasizing the use of renewable resources and a circular bioeconomy.
- Aims to tackle critical challenges related to healthcare, agriculture, and climate change through environmentally friendly biomanufacturing solutions.
Encouraging Collaboration and Funding
- The Bio-RIDE scheme promotes collaboration between industries and academia, helping bridge the gap between research and practical application.
- It also supports extramural funding for research, which enables institutions and startups to access financial resources for high-impact projects.
Important Points:
Bio-RIDE Scheme Overview:
- Approved by the Union Cabinet to merge two existing biotechnology initiatives.
- Aims to foster innovation, bio-entrepreneurship, and sustainable biomanufacturing in India.
Key Objectives of Bio-RIDE:
- Position India as a global leader in biotechnology.
- Contribute to the creation of a $300 billion bioeconomy by 2030.
Key Components of Bio-RIDE:
- Biotechnology Research & Development (R&D)
- Supports advanced research in synthetic biology, bioenergy, and genetic engineering.
- Focuses on solving global challenges in health, agriculture, and the environment.
- Industrial & Entrepreneurship Development (I&ED)
- Promotes bio-entrepreneurship through financial support, incubation, and mentorship.
- Helps transform innovative ideas into market-ready products.
- Biomanufacturing and Biofoundry
- Focuses on sustainable production practices and circular bioeconomy.
- Addresses challenges in healthcare, agriculture, and climate change.
Collaboration and Funding:
- Encourages industry-academia collaboration to bridge research with practical applications.
- Supports extramural funding for high-impact research projects.
Why In News
The Union Cabinet approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme, which combines two existing initiatives from the Department of Biotechnology to create a unified platform for fostering innovation and entrepreneurship in the biotechnology sector. This strategic merger is aimed at streamlining efforts to advance cutting-edge research and promote sustainable biomanufacturing in India.
MCQs about Bio-RIDE
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What is the main goal of the Bio-RIDE scheme approved by the Union Cabinet?
A. To improve healthcare services across India
B. To position India as a global leader in biotechnology
C. To reduce pollution through biomanufacturing
D. To enhance agricultural productivity in India
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Which of the following is NOT one of the key components of the Bio-RIDE scheme?
A. Biotechnology Research & Development (R&D)
B. Industrial & Entrepreneurship Development (I&ED)
C. Biomanufacturing and Biofoundry
D. Digital Healthcare Development (DHD)
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How does the Bio-RIDE scheme promote bio-entrepreneurship?
A. By providing free healthcare to entrepreneurs
B. Through funding, incubation, and mentorship
C. By offering tax exemptions for biotech companies
D. By reducing educational requirements for biotech startups
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What is the significance of the focus on “sustainable biomanufacturing” in Bio-RIDE?
A. It aims to promote economic growth at the expense of the environment.
B. It focuses on using renewable resources and circular bioeconomy to address global challenges.
C. It prioritizes increasing production without considering environmental impact.
D. It focuses on traditional manufacturing techniques only.
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