| The science of biotechnology (BT) is making rapid strides. Past several years have witnessed a great conversion of this science into economic benefits due to its application in fields of agriculture, medicine, animal husbandry and environmental protection. Quite often, the science of biotechnology is also termed as key technology of 21st century. |
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| Biotechnology: A Growth Engine |
| Globally, BT has been acknowledged as a tool for socio-economic development. Biotechnology is one of the world’s fastest growing technologies, registering a growth rate of 15% (Source: Beyond the Borders--Ernst & Young, 2004). As per the 2006 survey by ABLE-Biospectrum, the forecast of the size of BT industry in India should have been to the tune of $2 bn by 2004 and $5bn by 2008. However, predicted growth for 2005 was almost achieved in 2004 itself, reflecting the fast pace of development. In India, BT industry has been growing at an average annual growth rate of 37.42%. In terms of sectors, it is led by Bio-Agri sector showing a growth of 81%, followed by Bio-Pharma (31.88 %) and Bio-Informatics (20%) and Bio-Industries (17.9%) (Source: ABLE-Biospectrum, 2006 survey). |
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