From 2001 onwards, these awards have been instituted by DBT to be given every year on 11th May, the Technology Day in recognition of outstanding contributions of scientists / innovators / entrepreneurs/ Indian institutions and companies both in public as well as private sector for a new process, product development and commercialization of a technology or a product in the areas of biotechnology and biological sciences. The aim is to encourage more innovators and entrepreneurs to join the Biotechnology-inspired bio-industrial revolution in the country, providing impetus to indigenous research. Upto 5 awards are given every year. Each award carries a cash amount of Rs 2 Lakh along with a citation. Rs. 5 Lakh would be given if the product is commercialized and has much higher impact of utilization in the country. The applicants should be a citizen of India, or an Indian institution or an Indian company actively involved in the development of biotechnology processes, products and commercialization of technologies or product based on indigenous research. The contributions made by them especially during the last 5 yrs will be a major consideration in the selection of the awardees.