What is Bio piracy? Explain it with reference to Basmati rice

Explanation

It is term used to refer to the use of bio resources by multinational companies and other organisations without proper authorisation from the countries and people concerned without compensatory payment.
eg :- Basmati rice grown in India is distinct for its unique flavour and aroma but an American company got patent and rights on Basmati through the US patent and trademark office. The new variety of Basmati has been developed by this company by crossing an Indian variety with the semi - dwarf varieties.