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Govt raises jute MSP as bumper crop causes concern
The Business Guardian
|October 22, 2023
Amid fears that a bumper crop and last year's unsold production of jute could impact farmers, the Centre has increased the minimum support price (MSP) to Rs 5,050 per quintal for the standard grade.
The Jute Corporation of India (JCI) has decided to purchase the best quality jute for an MSP of Rs 5,750 per quintal and the average variety for Rs 5,050 per quintal. The sector directly provides employment to about 3.70 lakh workers in the country and sustains over 40 lakh farm families.
The Jute Corporation of India has allayed concerns and said that there are adequate orders for raw jute and farmers should not make a panic-sale below the minimum support price. The announced MSP of raw jute for 2023-24 season is in line with the Government's principle of fixing the MSP at a level of at least 1.5 times all-India weighted average cost of production.
This story is from the October 22, 2023 edition of The Business Guardian.
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