Cabinet hikes MSP for raw jute by Rs 250 per quintal for 2022-23 season

The Cabinet Committee on Economic Affairs on Tuesday approved the minimum support price (MSP) for raw jute for 2022-23 season, hiking the price by Rs 250 per quintal.
 
The decision was taken during a meeting chaired by Prime Minister Narendra Modi. The approval is based on the recommendations of the Commission for Agricultural Costs and Prices, the government said in a release.
 
"The MSP of raw jute (TDN3 equivalent to TD5 grade) has been fixed at Rs 4,750 per quintal for 2022-23 season with an increase of Rs 250 over the previous year. This would ensure a return of 60.53 per cent over all India weighted average cost of production," the release said.
 
The announced MSP is in line with the principle of fixing the MSP at a level of at least 1.5 times all India weighted average cost of production as announced by the government in Budget 2018-19, it added.
 
"It assures a minimum of 50 per cent as margin of profit. It is one of the important and progressive steps towards ensuring better remunerative returns to the jute growers and to incentivise quality jute fibre," the government said.
 
The Jute Corporation of India (JCI) will continue as the Centre's nodal agency to undertake price support operations and the losses incurred, if any, in such operations will be fully reimbursed by the government.

Also Read: BEML declares interim dividend of Rs 5 per share, fixes record date

Also Read: Adar Poonawalla thanks Bajaj family for supporting vaccination campaign