Need a variable (VARCHAR) returned from a selection

I want a variable output, out of a selection in a pull down menu.

Below is the code for selection & it works for selection. But, it is not returning anything.
  <tr>
    <td>Consideration</td>
    <td>
    <select $name="basis">
        <option value="">--Select--</option>
        <option value="abc">ABC</option>
        <option value="pqr">PQR</option>
        <option value="xyz">XYZ</option>
    </select>
    </td>
  </tr>

echo $name

I get error. Notice: Undefined variable: name in C:\xampp\htdocs\Practice\misc\test1.php on line xx
( I am using above in a CodeIgniter based application in the middle of a another code but I am stuck up)

Kindly help with a suitable solution.