Cabinet Approves Minimum Support Price For Raw Jute For 2023 -24 Season

The Cabinet Committee on Economic Affairs, chaired by Shri Narendra Modi, has approved the Minimum Support Price (MSP) for Raw Jute for the 2023-24 season. The Commission for Agricultural Costs and Prices recommended the approval.

For the 2023-24 season, the MSP for Raw Jute (TD-3 equivalent to earlier TD-5 grade) has been set at Rs.5050/- per quintal. This would result in a return of 63.20 percent over the weighted average cost of production for all of India.

The announced MSP for raw jute for the 2023-24 season is consistent with the Government's Budget 2018-19 announcement of an MSP of at least 1.5 times the all-India weighted average cost of production.

It guarantees a profit margin of at least 50%. It is an important and progressive step towards ensuring better remuneration for jute growers and incentivizing quality jute fibre.

The Jute Corporation of India (JCI) will continue to serve as the Central Government's Nodal Agency for Price Support Operations, and any losses incurred will be fully reimbursed by the Central Government.

-PIB

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