Government Gives Approval for MSP for Raw Jute

  • The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has approved 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, ensuring a return of 64.8% over the all-India weighted average cost of production. 
  • The decision aligns with the principle of fixing the MSP at a level of at least 1.5 times the all-India weighted average cost of production. 
  • The Government has procured over 6.24 lakh bales of Raw Jute in 2023-24, 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.
Posted in Current Affairs.