Genetic Modification is a laboratory process in which desired traits of an organism (for example, a drought-resistant crop) are extracted by picking its genes and artificially introducing them into another desired organism (for instance a high yielding crop). Thus the resultant will be a Genetically Modified Organism (GMO) which is a high yielding drought resistant crop.
While hybridization and breeding techniques is possible only in related gene pool. In GMO the organisms can be completely unrelated. The gene which is transferred is called as transgene and the new organism created through these technologies are called as transgenics.
Genetic engineering or GM techniques are applied in plant breeding both at research and commercial level. A foreign DNA (the molecule that carries the genes) can be inserted into the desired host plant cells through Agrobacterium, electrical rupture or blasts through gene guns.
GM crops are being cultivated across developed and developing countries, while the majority of European regions in not in favor of it.
Source: https://gmo-awareness.com/all-about-gmos/gmo-defined/