Monsanto gets nod for genetically modified business
The agriculture ministry has okayed Monsanto India’s plan to do business in genetically modified material.
By ET Bureau |
NEW DELHI: The agriculture ministry has okayed Monsanto India���s plan to do business in genetically modified material. The move would be a step forward for the company which wants to integrate its agro-chemical business in India with its US parent���s seed business.
The agriculture ministry has said that Monsanto India can be allowed to deal in genetically modified seeds or planting material in compliance with the existing environment protection laws. The agriculture ministry has told the Foreign Investment Promotion Board (FIPB) last month that Monsanto India may be given the green signal subject to its compliance with all applicable trade and environment safety norms as well as all future laws that may be enacted in the sector.
Before giving the go-ahead to Monsanto, the FIPB decided to seek the views of the ministry of environment as well as the department of biotechnology. A final decision is expected soon, said a government official who attended the FIPB meeting last month-end.
The government keeps a tight control over the import and distribution of genetically modified material including seeds as they have the potential to affect the natural flora of the country and its reproduction. The company���s foreign collaboration agreement approved in year 2000 does not allow it to deal in genetically modified seeds or plants.
The agriculture ministry has said that Monsanto India can be allowed to deal in genetically modified seeds or planting material in compliance with the existing environment protection laws. The agriculture ministry has told the Foreign Investment Promotion Board (FIPB) last month that Monsanto India may be given the green signal subject to its compliance with all applicable trade and environment safety norms as well as all future laws that may be enacted in the sector.
Before giving the go-ahead to Monsanto, the FIPB decided to seek the views of the ministry of environment as well as the department of biotechnology. A final decision is expected soon, said a government official who attended the FIPB meeting last month-end.
The government keeps a tight control over the import and distribution of genetically modified material including seeds as they have the potential to affect the natural flora of the country and its reproduction. The company���s foreign collaboration agreement approved in year 2000 does not allow it to deal in genetically modified seeds or plants.
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