Monsanto's operation in India illustrates monopolization and manipulation of the market economy, tradition, technology, and misgovernance. The world's largest producer of genetically engineered seeds has been selling genetically modified (GM) in India for the last decade to benefit the Indian farmers - or so the company claims. In a country of more than 550 million farmers who are largely poor and uneducated and the agriculture market rife with inefficient business practices, the Indian government sought to reform the market by eliminating subsidies and loans to the farmers. The government reform did not help the farmers. With pressure from the World Bank and International Monetary Fund (IMF), the Indian government has "forced market liberalization on India which means the elimination of government subsidies and government-backed loans to farmers." Enter Monsanto with its "magic" GM seeds to transform the lives of the poor Indian farmers. The U.S. agri-business giant took full advantage of its entry into the Indian market. It entered into an agreement with state governments including Rajasthan and Andhara Pradesh to introduce a Memorandum of Understanding (MOU) that dictated the terms of disseminating the GM technology in Indian market.
Monsanto infectious corruption in America has done untold damage to agriculture and free market economics, but I would expect that their efforts will be much greater in India. It's not surprising that they would work with the world banks to undermine India's independence to gain a stranglehold.
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