CCEA approves minimum support price for raw jute for 2022 -23 season at Rs 4750 per quintal
New Delhi, March 22, 2022
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, today approved the Minimum Support Price (MSP) for Raw Jute (TDN3 equivalent to TD5 grade) at Rs. 4750 per quintal for 2022-23 season.
The approval is based on recommendations of the Commission for Agricultural Costs and Prices, an official press release said.
The new MSP represents an increase of Rs. 250 over the price for the previous year.
"This would ensure a return of 60.53 per cent over all-India weighted average cost of production. The announced MSP of raw jute for 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," the release said.
"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.
The Jute Corporation of India (JCI) 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, the release added.