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Cabinet approves Minimum Support Price for Raw Jute for 2024-25 Season

Published By : Admin | March 7, 2024 | 20:33 IST
An increase of Rs.285 per quintal
MSP for Raw Jute registered 122 per cent growth in Last 10 years

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi, has given its approval for the Minimum Support Prices (MSP) for Raw Jute for 2024-25 season.

The MSP of Raw Jute (TDN-3 equivalent to earlier TD-5 grade) has been fixed at Rs.5,335/- per quintal for 2024-25 season. This would ensure a return of 64.8 percent over the all India weighted average cost of production. The announced MSP of raw jute for 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.

The decision is based on recommendations of the Commission for Agricultural Costs and Prices (CACP).

The MSP for 2024-25 season is an increase of Rs.285/-per quintal for Raw Jute over the previous season. 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 percent.

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 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.

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The Prime Minister has expressed immense joy on the commencement of the 20th Session of the Committee on Intangible Cultural Heritage of UNESCO in India. He said that the forum has brought together delegates from over 150 nations with a shared vision to protect and popularise living traditions across the world.

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