Biotechnology has opened new horizons for human activities. Terms like green and white revolutions have become epitomes of significant progress achieved in agriculture, fisheries and dairy industry. Based on fundamental understanding of genetics, backed up by know-how in molecular biology and genetic engineering, biotechnology has transformed the entire concept of conventional biology. Evidently biotechnology has revolutionized all spheres of life. It has wide applications in agriculture, health, energy, raw materials, chemicals and environmental management. It has proved to be of great importance in nourishing the increasing needs of life. It has rationally improved the quality as well as standard of living by providing better goods and services. It’s range of applications encompasses all realms of agro food industry, pharmaceuticals and chemicals, the energy sector and many aspects of medical and environmental sciences.