BIOTECHNOLOGY: A TOOL FOR SOCIO-ECONOMIC DEVELOPMENT

Biotechnology signifies any technique “which uses living organisms or parts thereof to make or modify products, improve plant and animal productivity or to develop micro-organisms for specific use”. It is one of the most application-oriented sciences that has been in use for bringing about changes in the production sectors. The Indian initiative in biotechnology has already attained a critical level. According to a recent report of European Business and Technology Centre (EBTC), the biotechnology sector is one of the fastest growing knowledge-based sectors in India and is expected to play a key role in shaping India's rapidly developing economy. With numerous comparative advantages in terms of research and development (R&D) facilities, knowledge, skills, and cost effectiveness, the biotechnology industry in India has immense potential to emerge as a global key player. As per the first survey made by the Association of Biotechnology-Led Enterprises (ABLE) and Biospectrum (A cyber media publication), the size of biotech industry in India in 2002-03 was Rupees 2,345 crore. ABLE-Biospectrum 10th survey shows that the biotech industry in 2011-12 registered 18.5 percent growth contributing Rupees 20440.70 crore in revenues. The Biopharma sector contributed over 60% to the industry's total revenues at Rupees 12,679 crore with a growth rate of 19% followed by Bioservices at Rupees 3,749 crore (15.5%), BioAgri sector at Rupees 3,050 crore (23%), BioIndustrial sector at Rupees 696 crore (11.2%) and Bioinformatics at Rupees 266 crore (9.6%).