The acuity of sustainable development has been greatly developed as a means of integrating the environmental, social and economic objectives of the society in order to maximize human well-being in the present system without compromising the ability of future generations. Development that is not sustainable will inevitably lead to negative environmental, social and economic repercussions (OECD 2001). Biotechnology, in recent scenario, is globally recognized as a rapidly budding and far-reaching technology, and is aptly described as the technology of hope for its promising sustainability in food, health and environment. In 1919, a Hungarian engineer, Karl Ereky, coined the term “biotechnology” to refer to the science and the methods that permit products to be produced from raw materials with the aid of living organisms. According to the convention of biological diversity, biotechnology is “any technological application that uses biological systems, living organisms or derivatives thereof, to make or modify products or processes for specific use. The recent and ongoing advances in life sciences clearly unfurl a situation energized and driven by the new tools of biotechnology. In addition to these there are a large number of agri-biotech and industrial biotech products that have enormously helped mankind.
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