Ashwini Vaishnaw briefed the media after the Union Cabinet meeting.
The Union Cabinet on Saturday approved the 'BioE3 (Biotechnology for Economy, Environment and Employment) Policy for fostering High-Performance Biomanufacturing'.
Briefing the media after a meeting of the Union Cabinet, Information and Broadcasting Minister Ashwini Vaishnaw said that the policy will provide innovation-driven support to research and development and entrepreneurship across thematic sectors.
The cabinet meeting was chaired by Prime Minister Narendra Modi.
Mr Vaishanaw said that the new policy will lead to the acceleration of technology development and commercialization by establishing biomanufacturing and Bio-Al hubs and Biofoundry.
The policy will help prioritize regenerative bioeconomy models of green growth and facilitate expansion of India's skilled workforce besides providing a surge in the creation of jobs.
The benefits include strengthening the government's initiatives such as 'Net Zero' carbon economy and 'Lifestyle for Environment', steering India on the path of accelerated 'Green Growth' by promoting 'Circular Bioeconomy' and fostering and advancing future that is more sustainable, innovative, and responsive to global challenges.
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