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Cabinet Approves MSP For Raw Jute In 2023 -24 Season
The MSP of Raw Jute (TD-3 equivalent to earlier TD-5 grade) has been fixed at Rs 5,050 per quintal for the 2023-24 season
Photo Credit : Reuters
The cabinet committee on economic affairs chaired by Prime Minister Narendra Modi has given its approval for the minimum support price (MSP) for raw jute for the 2023-24 season on the basis of Commission for Agricultural Costs and Prices (CACP) recommendations.
The MSP of raw jute (TD-3 equivalent to earlier TD-5 grade) has been fixed at Rs 5,050 per quintal for the 2023-24 season.
As per the official statement, this would ensure a return of 63.20 per cent over the all-India weighted average cost of production.
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 of India's weighted average cost of production as announced by the government in the budget 2018-19.
It assures a minimum of 50 per cent as the margin of profit.
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.