NEW DELHI, Mar 7 : The government on Thursday gave its approval for the Minimum Support Prices (MSP) for Raw Jute for the 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.
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 the 2024-25 season is in line with the principle of fixing the MSP at a level of at least 1.5 times the all-India weighted average cost of production as announced by the government in the Budget 2018-19, an official statement said after the Cabinet meeting.
The decision is based on the recommendations of the Commission for Agricultural Costs and Prices (CACP).
The MSP for the 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 a cost of Rs. 524.32 crore, benefiting 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. (UNI)
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