-NDTV Profit / Agencies
US seed company Monsanto is welcome to leave India if it does not want to lower prices of genetically modified cotton seeds as directed by the government, a minister said on Wednesday, in a sign the rift between New Delhi and the firm is widening.
The comments come as the government expects to develop its own genetically modified (GM) cotton varieties early next year to end Monsanto’s dominance; it controls over 90 per cent of cotton seed supply.
Sanjeev Kumar Balyan, Minister of State for Agriculture, told news agency Reuters that the government is trying to rectify what he called past mistakes that allowed a foreign company to dictate seed prices and stifled local crop research.
"It’s now upon Monsanto to decide whether they want to accept this rate or not," Mr Balyan said. "If they don’t find it feasible, then they are free to take a call. The greed (of charging) a premium has to end. We’re not scared if Monsanto leaves the country, because our team of scientists are working to develop (an) indigenous variety of (GM) seeds," he said
Please click here to read more.