Govt won`t allow Monsanto exploit farmers; will continue to regulate cotton prices: Agriculture Minister

New Delhi: India will not allow seed companies such as Monsanto to exploit farmers and will keep regulating seed prices, Agriculture Minister Radha Mohan Singh told reporters on Monday.

"Companies like Monsanto should not exploit farmers just because they have technology," he said on the sidelines of a conference.

Last month India cut the royalties paid by local firms for Monsanto`s genetically modified cotton seeds by nearly 70 percent, ignoring a threat by the world`s biggest seed company to leave if it did.

"Be it seeds or pharmaceutical companies we should see to it that there is no monopoly," Singh said