Genetic Engineering:

The deliberate modification of the characteristics of an organism by manipulating its genetic material.

OR

Scientific alteration of the structure of genetic material in a living organism. It involves the production and use of recombinant DNA and has been employed to create bacteria that synthesize insulin and other human proteins.

Significance Of Genetic Engineering:

i) To Cure the genetic disorders
Heredity diseases can possibly be treated by this technique by transplanting normal genes in the place of abnormal or diseased genes.

ii) To Prepare Better Crops
Crops with desired characteristics could possibly be produced by introducing desired genes.

iii) To Get Better Breeds Of Animals
Like plants better breeds of animals can also be produced by the introduction of recombinant DNA.

iv) Interferon
Interferons are effectively used in the treatment of Hepatitis of A & B.

v) Insulin
Human insulin is being produced by genetic engineering to treat diabetes

vi) Vaccines
Genetic engineering has also helped in the production of vaccines which are used for controlling and treating viral diseases.

Biotechnology:

The exploitation of biological processes for industrial and other purposes, esp. the genetic manipulation of microorganisms for the production of antibiotics, hormones, etc.

OR

Biotechnology is the use of living organisms (especially microorganisms) in industrial, agricultural, medical and other technological applications.

Importance Of Biotechnology:
i) To increases production
ii) To introduce improved quality of seeds and plants
iii) To introduce plants resistant to disease and insect pests
iv) To introduce verities suited to particular climates and soils.
v) To introduce verities resistant to lodging
vi) To improve nutritional value of crops
vii) To save rare varieties of plants by rapid clonal propagation for breeders to use in future.