Economic Impact And Implications Of Biotechnology

Biotechnology and the introduction of genetically modified (GM) crops are providing new opportunities for increasing crop productivity and tackling agricultural problems, such as pests and diseases, abiotic stresses and nutritional limitations of staple food crops. Cultivation of GM crops is changing the practice of agriculture and there is an increasing trend in cultivation of GM crops worldwide. Plants with novel traits to produce pharmaceutical products are also being generated. The safety of GM crop cultivation and use is a topic of extreme international debate. Biotechnology innovations appear to have taken world agriculture by storm. This spectacular success is attributable almost entirely to transgenic varieties of four crops: soybean, corn, cotton, and canola. It is noteworthy that in 2013, the number of countries cultivating biotech crops reached the historical milestone of 28 countries. In 2013, the global hectarage of biotech crops continued to grow strongly reaching 175 million hectares, up from 160 million hectares in 2011. In 2012, the global market value of biotech crops was US$14.84 billion, (up from US$13.35 billion in 2011). Manjunath Kerur (2012) conducted a study on comparative economic analysis of Bt cotton and Desi cotton cultivation in Haveri district of Karnataka. The results on the per acre cost incurred and returns obtained from Bt cotton and Desi cotton cultivation revealed that the variable and fixed costs were higher in Bt cotton producing farms (Rs. 11748) and (Rs. 4049) compared to Desi cotton producing farms (Rs. 13202) and (Rs.3634) respectively. The gross returns and net returns from Bt cotton cultivation were Rs. 32096 and Rs. 15113 per acre, respectively as against Rs. 24140 and Rs. 6007 per acre from Desi cotton cultivation. In India, policy of encouraging genetically modified cotton needs a complete review and critical examination from the point of view of environment, diversity and health.