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According to the official press statement, the approval is based on recommendations of the commission for agricultural costs and prices
Photo Credit : Reuters
The cabinet committee on economic affairs chaired by Prime Minister Narendra Modi on Tuesday approved the Minimum Support Price (MSP) for raw jute for the 2022-23 season.
According to the official press statement, the approval is based on recommendations of the commission for agricultural costs and prices.
The MSP of raw jute has been fixed at Rs 4,750 per quintal for the 2022-23 season with an increase of Rs 250 over the previous year. This would ensure a return of 60.53 per cent overall India weighted average cost of production, the statement added.
The announced MSP of raw jute for the 2022-23 season 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 the Budget 2018-19, as per the ministry.
"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 incentivize quality jute fibre," it said.