Biotechnology is considered to be a quickly emerging and far-reaching technology. It's a branch of science that plays a major role in the development and growth of India. Biotechnology refers to any technological application that uses biological systems and forms in a governable manner, to not only produce new and useful processes or products but also modify the existing ones. It benefits both mankind and other life forms, such as micro organisms. Besides, biotechnology helps maintain an optimum ecological balance by lowering the amount of hydrocarbons and controlling pollution.
Biotechnology in India is one of the most rapidly growing knowledge-based sectors. Today, it's being increasingly used to design and develop unique, improved varieties of pharmaceutical products, crops, fertilizers, processed foods, a plethora of chemicals, cosmetics, growth enhancers, health care aids, and environment-related substances. The biotech segment in India has been making fast strides on the world platform. India is currently producing and marketing many therapeutic biotech drugs and vaccines. From 2005–2006, the Indian biotech sector recorded an impressive revenue of approximately US$ 1.07 billion and registered a 36.55% growth.
India has diverse biological resources. Biotechnology offers opportunities to convert these resources into employment opportunities and economic wealth. Several factors create an impetus for India to produce excellent capabilities in the domain of biotechnology. These factors include a strong pool of scientists and engineers, a large reservoir of scientific human resources, affordable manufacturing capabilities, numerous medical colleges, educational and training institutes providing diplomas and degrees in biotechnology, a large number of national research laboratories engaging thousands of scientists, fast developing clinical capabilities, and a vibrant drugs and pharmaceutical industry.