Govt. raises minimum support price for jute

March 23, 2022 12:00 am | Updated 05:41 am IST - Coimbatore

‘New MSP Rs. 250 higher over last year’

The Cabinet Committee on Economic Affairs on Tuesday approved the Minimum Support Price (MSP) for raw jute for the 2022-2023 season.

According to an official release, the MSP of raw jute (TDN3 equivalent to TD5 grade) has been fixed at Rs. 4,750 a quintal for 2022-2023 season, which is Rs. 250 higher than the previous season. “This would ensure a return of 60.5% over All India weighted average cost of production,” the government said.

The announced price is in line with the principle of fixing the MSP at a level of at least 1.5 times of the all-India weighted average cost of production as announced in the FY19 Budget and is based on the recommendations of the Commission for Agricultural Costs and Prices. It assures a minimum of 50% as margin of profit, the government added.

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