Defined by the UN Convention on Biological Diversity as any technological application that uses biological systems, living organisms, or derivatives thereof, to make or modify products or processes for specific use, Biotechnology has become a terminology that has gained exponential popularity throughout the world in the last score. The overwhelming excitement and awe-inspiring moments that started with the successful cloning of Dolly have now traveled through the ages giving rise to mind-boggling breakthroughs that have changed the face of present day medicine and also other fields like alternative fuel technology and hazardous pollution problems due to vicious human activities. Thus Biotechnology has constantly been playing a vital role in improving the quality of life on earth and in the process has gained inevitable responsibility as people world-wide trust it increasingly to solve their problems.