On the 25th of March, Led by Prime Minister Shri Narendra Modi The approval for the Minimum Support Price (MSP) for Raw Jute in the upcoming 2023-24 season has been granted by the Cabinet Committee on Economic Affairs. The endorsement is founded on the counsel put forth by the Commission for Agricultural Costs and Prices (CACP). The minimum support price (MSP) for raw jute has been set at Rs 5050 per quintal, guaranteeing a return of 63.20% on the all-India weighted average production cost.
The declared minimum support price (MSP) for unprocessed jute for the upcoming season of 2023-24 adheres to the Government’s policy of setting the MSP, announced in the 2018-19 Budget, to a minimum of 1.5 times the overall production cost average in India. The announcement will ensure a minimum margin of profit of 50 percent, thus incentivizing quality jute fiber and providing better remunerative returns to jute growers.
The Jute Corporation of India (JCI) will continue to function as the Central Government Nodal Agency to undertake Price Support Operations, and the Central Government will reimburse any losses incurred in such operations. This move by the Indian Government is expected to enhance the growth of the jute industry and benefit jute growers across the country.