Cabinet approves MSP of raw jute for 2022-23 season

Representational Image. (Pixabay)

New Delhi: The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi on March 22, 2022, approved the Minimum Support Price (MSP) for Raw Jute for the 2022-23 season.

The approval is based on recommendations of the Commission for Agricultural Costs and Prices.

The MSP of Raw Jute (TDN3 equivalent to TD5 grade) has been fixed at Rs.4750/- per quintal for 2022-23 season with an increase of Rs.250/- over the previous year.

This would ensure a return of 60.53 percent overall India weighted average cost of production. The announced MSP of raw jute for 2022-23 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, said a government press release.

It assures a minimum of 50 percent as a margin of profit. It is one of the important and progressive steps towards ensuring better remunerative returns to the jute growers and to incentivize quality jute fibre, the release added.

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. (Press Release)

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