CCEA Approves MSP for Raw Jute at Rs. 5,050 Per Quintal for 2023-24

New Delhi: Cabinet Committee on Economic Affairs has approved Minimum Support Price for Raw Jute at Five thousand 50 rupees per quintal for the 2023-24 season, ensuring a return of 63.20 per cent over the all-India weighted average cost of production.

Briefing media in New Delhi, Information and Broadcasting Minister Anurag Singh Thakur said, “The approval is based on recommendations of the Commission for Agricultural Costs and Prices (CACP).”

The announced MSP of raw jute for the 2023-24 season is in line with the principle of fixing the MSP at a level of at least 1.5 times all India’s weighted average cost of production as announced by the Government in the Budget 2018-19.

It assures a minimum of 50 per cent as the margin of profit. It is one of the important and progressive steps towards ensuring better remunerative returns to the jute growers and incentivising quality jute fibre.

The Jute Corporation of India will continue as 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.