Cabinet Committee Greenlights Higher MSP for Raw Jute in 2024-25

Cabinet Committee Greenlights Higher MSP for Raw Jute in 2024-25

VoM News Desk | March 7, 2024 | 10:54 PM IST | India, Politics | Follow on Google News

Cabinet Committee Greenlights Higher MSP for Raw Jute in 2024-25/ANI

Cabinet Committee Greenlights Higher MSP for Raw Jute in 2024-25

The Cabinet Committee on Economic Affairs, led by Prime Minister Narendra Modi, granted approval for the Minimum Support Prices (MSP) of raw jute for the upcoming 2024-25 season. Commerce and Industry Minister Piyush Goyal, addressing reporters post a union cabinet meeting, disclosed that the decision aligns with the recommendations from the Commission for Agricultural Costs and Prices (CACP). The approved MSP reflects a notable increase of Rs 285 per quintal for raw jute compared to the previous season, establishing the new MSP at Rs 5,335 per quintal for the 2024-25 season. This ensures a substantial return of 64.8 per cent over the all-India weighted average cost of production.

Ten-Year Surge: A Striking Growth of 122% in MSP for Raw Jute

The official release underscores that the approved MSP for raw jute in the 2024-25 season adheres to the government’s commitment to setting MSP at a level of at least 1.5 times the all India weighted average cost of production, as outlined in the 2018-19 budget. Over the past decade, the government has consistently elevated the MSP for raw jute, witnessing a remarkable surge from Rs 2,400 per quintal in 2014-15 to the current Rs 5,335 per quintal in 2024-25. This impressive growth stands at 122 per cent, reflecting the government’s focus on supporting jute farmers.

Record Procurement: Boosting Farmers in the Current Season

During the ongoing 2023-24 season, the government achieved a record procurement of over 6.24 lakh bales of raw jute, amounting to Rs 524.32 crore in costs and benefitting approximately 1.65 lakh farmers. This procurement highlights the commitment to sustaining the jute industry and supporting farmers by providing a fair MSP. The Jute Corporation of India (JCI) will persist as the Central Government Nodal Agency for executing price support operations. Any losses incurred in such operations will be promptly reimbursed by the central government, ensuring stability and encouragement for jute cultivation.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.