New Delhi [India], March 24 : The Cabinet Committee on Economic Affairs on Friday gave its approval for Minimum Support Price (MSP) for raw jute for 2023-24 season.
The approval is based on recommendations of the Commission for Agricultural Costs and Prices (CACP).
The MSP of raw jute (TD-3 equivalent to earlier TD-5 grade) has been fixed at Rs 5050 per quintal for the 2023-24 season.
This would ensure a return of 63.20 per cent over the all-India weighted average cost of production.
Briefing reporters after CCEA meeting, Information and Broadcasting Minister Anurag Thakur said the announced MSP of raw jute for the 2023-24 season is in line with the principle of fixing the MSP at a level of at least 1.5 times all India's weighted average cost of production as announced by the Government in the 2018-19 budget.
"It assures a minimum of 50 per cent as the margin of profit. It is one of the important and progressive steps towards ensuring better remunerative returns to the jute growers and incentivizing quality jute fibre," he said.
An official release said that 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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