NEW DELHI, 10 March 2024: In a move to support jute farmers, the Union Cabinet chaired by Prime Minister Narendra Modi approved an increase in the Minimum Support Price (MSP) for Raw Jute for the 2024-25 season.
Key Points
- Increased MSP: The MSP for Raw Jute (TDN-3 equivalent) has been set at ₹5,335 per quintal for the upcoming season. This represents a rise of ₹285 per quintal compared to the previous year.
- Focus on Farmer Income: The new MSP ensures a return of 64.8% over the all-India weighted average cost of production, adhering to the government's commitment to fair pricing for agricultural produce.
- Long-Term Growth: This announcement marks a significant 122% increase in the MSP for Raw Jute over the past decade. In 2014-15, the MSP stood at ₹2,400 per quintal.
- Record Procurement: The government procured a record-breaking amount of over 6.24 lakh bales of Raw Jute in the current season, benefiting around 1.65 lakh farmers. The total cost of this procurement amounted to ₹524.32 crore.
- Continued Support: The Jute Corporation of India (JCI) will remain the central government's nodal agency for undertaking price support operations in the upcoming season. Any losses incurred during these operations will be fully reimbursed by the central government.
This initiative by the government aims to ensure fair returns for jute farmers and encourage continued cultivation of this important crop.
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