What is meant by Access and Benefit Sharing (ABS)?

Access and Benefit Sharing refers to a framework under the Biological Diversity Act, 2002 that regulates how biological resources and associated traditional knowledge are accessed and how the benefits arising from their use are shared. It ensures that when individuals, companies, or researchers use biological materials for research, commercial, or industrial purposes, they must obtain proper approval and share benefits with the local communities or stakeholders who are the original custodians of these resources. Benefits may include monetary compensation, technology transfer, capacity building, or community development support. This mechanism promotes fairness, prevents exploitation, and encourages sustainable use of biodiversity.