Symbol: COTTON| Contract: May, 2016| Category: Fiber
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Cotton's Latest News
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 Agriculture Ministry has fixed the BT cotton seed price at Rs 800 per packet of 450 gram, including the trait value of Rs 49 per packet.
Monsanto Co, the world's biggest seed company, threatened to pull out of India on Friday if the government imposed a big cut in royalties that local firms pay for its genetically modified cotton seeds.
The government will be forced to make large-scale cotton purchases from farmers for a second straight year, following a cut in imports by top buyer China that has depressed prices, industry officials said.
Monsanto India's joint venture firm - MMB - has moved court against eight domestic seed companies for refusing to pay over Rs 400-crore 'trait fee' for using its Bollgard Bt technology in the cotton hybrids, a top company official said.
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