The government increases the minimum support price for jute

‘New MSP for raw jute for the 2022-2023 season is ₹250 higher than a year earlier’

‘New MSP for raw jute for the 2022-2023 season is ₹250 higher than a year earlier’

The Cabinet Economics Committee on Tuesday approved the minimum support price (MSP) for raw jute for the 2022-2023 season.

According to an official publication, the MSP for raw jute (TDN 3 Equivalent to TD 5 Note) was set at ₹4,750 per quintal for the 2022-2023 season, which is ₹250 more than the previous season. “This would ensure a return of 60.53% over the weighted average cost of production across India,” it said.

The announced price is in line with the policy of setting the MSP at a level of at least 1.5 times the weighted average cost of production for all of India as announced by the Government in the 2018-2019 Budget and is based on the recommendations of the Commission for agricultural costs and prices. It assures a profit margin of at least 50%, the press release states.

The Jute Corporation of India (JCI) will continue to act as the central government hub for conducting the price support operations. In the event of operating losses, they would be fully reimbursed by the central government.

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