New Delhi: The Minimum Support Price (MSP) for raw jute for the 2024-25 season has been increased by Rs.285 per quintal 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 per cent. This is expected to ensure a return of 64.8 per cent over the all-India weighted average cost of production.
The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi, today gave its approval for the MSP for raw jute for the 2024-25 season.
The announced MSP of raw jute (TDN-3 equivalent to earlier TD-5 grade) for the 2024-25 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.
The decision is based on recommendations of the Commission for Agricultural Costs and Prices (CACP).
In the current season 2023-24, the Government has procured a record amount of more than 6.24 lakh bales of raw jute, at the Cost of Rs.524.32 crore, benefitting 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.
– global bihari bureau
