Union Cabinet raises MSP for raw jute to Rs 5,335 per quintal

New Delhi [India], March 7 (ANI): The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi, on Thursday, gave its approval for the Minimum Support Prices (MSP) for raw jute for the 2024-25 season.
Briefing reporters after a meeting of the union cabinet, Commerce and Industry Minister Piyush Goyal said that the decision is based on recommendations of the Commission for Agricultural Costs and Prices (CACP).
He said the MSP for the 2024-25 season is an increase of Rs 285 per quintal for raw jute over the previous season.
The MSP of Raw Jute (TDN-3 equivalent to earlier TD-5 grade) has been fixed at Rs 5,335 per quintal for the 2024-25 season. This would ensure a return of 64.8 per cent over the all-India weighted average cost of production.
An official release said the announced MSP of raw jute for the 2024-25 season is in line with the principle of fixing the MSP at a level of at least 1.5 times all India weighted average cost of production as announced by the Government in the budget 2018-19.
"In the last 10 years, the Government has increased MSP for raw jute from Rs 2,400 per quintal in 2014-15 to Rs 5,335 per quintal in 2024-25, registering a growth of 122 per cent," the release said.
It said in the current season 2023-24, the Government has procured a record amount of more than 6.24 lakh bales of raw jute, at the cost of Rs 524.32 crore, benefitting around 1.65 lakh farmers.
The Jute Corporation of India (JCI) will continue as the Central Government Nodal Agency to undertake price support operations and the losses incurred, if any, in such operations, will be fully reimbursed by the central government, the release said. (ANI)