"Today's order will have wide-ranging, negative implications for biotech-based innovation across many sectors within India," said Monsanto India.
Symbol: COTTON| Contract: Jun, 2018| Category: Fiber
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Under the partnership, Raymond has guaranteed a minimum procurement of Khadi and Khadi products for a period of five years with primary purchases of muslin cotton, wool blends and silk.
Republican Senator from Arkansas Tom Cotton, who met President Donald Trump this week, said the current system does not bring in the brightest and the best from across the world.
The move by the world's biggest cotton producer is likely to help rival suppliers like Brazil, the United States and some African countries boost exports, with some India textile mills even starting to import cheaper fibre from overseas.
The supply crunch has driven up prices in India to levels higher than in the global market and could force buyers to switch to other producers.
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