The government raised the minimum support price of raw jute by Rs 300 to Rs 5,050 per quintal for the 2023-24 season on Friday. The decision was made at a meeting of the Cabinet Committee on Economic Affairs (CCEA) presided over by Prime Minister Narendra Modi. The permission is based on recommendations from the Committee for Agricultural Costs and Prices (CACP), according to I&B Minister Anurag Thakur.
During the 2023-24 season, the MSP for Raw Jute (TD-3 comparable to former TD-5 grade) has been set at Rs 5,050 per quintal. Thakur stated that the decision would result in a return of 63.2 percent above the weighted average cost of production for all of India. According to an official announcement, the declared MSP for raw jute for the 2023-24 season adheres to the principle of fixing the MSP at a level of at least 1.5 times the all-India weighted average cost of production, as announced by the government in the Budget 2018-19. The Jute Corporation of India (JCI) will continue to serve as the federal government’s nodal agency for price support activities, and any losses incurred in such operations will be completely compensated by the central government.
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