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Cabinet raises MSP for raw jute to Rs 3,950 quintal for 2019-20

Union Minister Piyush Goyal said that the decision was taken at a meeting of the Cabinet Committee of Economic Affairs.

twitter-logo PTI        Last Updated: February 13, 2019  | 22:04 IST
Cabinet raises MSP for raw jute to Rs 3,950 quintal for 2019-20

The government Wednesday hiked the minimum support price for raw jute to Rs 3,950 per quintal for 2019-20 season from Rs 3,700 per quintal in the previous season.

Also Read: Good news for farmers! Govt hikes MSP of 22 crops to a minimum of 50% over cost

The decision was taken at a meeting of the Cabinet Committee of Economic Affairs here, Union Minister Piyush Goyal said.

"The MSP would yield returns of 55.81 per cent over the All-india weighted average cost of production. The MSP of raw jute is expected to ensure appropriate minimum prices to the farmers and step up investment in jute cultivation and thereby production and productivity in the country," an official statement said.

The Jute Corporation of India will continue to act as central nodal agency to undertake price support operations at the minimum support price (MSP) in jute growing states.

Read More: CCEA approves Rs 2,000 hike in MSP for copra in 2019 season

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