The Union Cabinet, led by Prime Minister Narendra Modi, approved a  Rs.9,197 crore budget for the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme.

Merging two existing programs under the Department of Biotechnology, Bio-RIDE aims to accelerate biotech innovation by focusing on research and industrial development.

The initiative includes funding for startups, fostering collaboration between academic and industrial sectors, and promoting sustainable biomanufacturing.

It aligns with India's goal of achieving a $300 billion bioeconomy by 2030, supporting advancements in biopharma, bioenergy, and bioplastics.