What is bio-piracy? State the initiative taken by the Indian Parliament against it

Explanation

### Step-by-Step Solution

**Step 1: Define Bio-piracy**
Bio-piracy refers to the unauthorized and unethical appropriation of biological resources and traditional knowledge by individuals or corporations, often from developed countries, without consent or compensation to the indigenous communities or countries that hold these resources. This practice typically involves patenting biological materials or traditional knowledge related to biodiversity, which can lead to exploitation of the resources of developing countries.

**Step 2: Highlight the Context of Bio-piracy**
Developing countries, like India, are rich in biodiversity and traditional knowledge, which includes various medicinal plants and practices. Despite having a significant share of the world's biodiversity (over 8% of all species), these countries often lack the financial resources that developed nations possess. This disparity leads to situations where multinational corporations (MNCs) seek to exploit these biological resources without proper authorization.

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