More Stories

Informist, Saturday, Aug 24, 2024

--Cabinet okays policy for biotechnology

--Minister Vaishnaw: Biotechnology policy to be based on six pillars

HYDERABAD – The Union Cabinet today approved a comprehensive policy framework to promote the biotechnology sector, Information and Broadcasting Minister Ashwini Vaishnaw said at a briefing in New Delhi.

The new policy, named as BioE3 (Biotechnology for Economy, Environment and Employment), will broadly focus on issues such as production of high-value bio-based chemicals, biopolymers, enzymes, and research activity for developing smart proteins, functional foods, precision bio-therapeutics, climate resilient agriculture, carbon capture and its utilisation, marine, and space research.

Through this policy, the government aims to create a high performance bio-manufacturing ecosystem, the ability to produce products from medicine to materials, address farming and food challenges, and promote manufacturing of bio-based products through integration of advanced biotechnological processes, the government said in a press release.

The new policy will provide support through the Department of Biotechnology for innovation-driven research and development activity across biotechnology thematic areas, the minister said. However, the government did not specify the funds allocated and the costs involved for this policy framework.

The policy will help entrepreneurs in establishing bio-manufacturing and bio-foundries along with developing artificial intelligence hubs for the sector. Along with prioritising regenerative bio-economy models of green growth, this policy will facilitate expansion of India's skilled workforce and provide a surge in job creation, the government said.

"Our present era is an opportune time to invest in the industrialisation of biology to promote sustainable and circular practices to address some of the critical societal issues-such as climate change mitigation, food security and human health. It is important to build a resilient bio-manufacturing ecosystem in our nation to accelerate cutting-edge innovations for developing bio-based products," the government said.

The policy will further strengthen the government's initiatives such as 'net-zero' carbon economy and 'Lifestyle for Environment' and steer the country on the path of accelerated green growth by promoting a 'circular bio-economy'.  End

Reported by Narayana Krishna

Edited by Avishek Dutta

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.