The government has increased the minimum support price (MSP) of raw jute (TDN3 equivalent to TD5 grade) by Rs 250 to Rs 4,750 per quintal for the 2022-23 season. This would ensure a return of 60.53 per cent over all India weighted average cost of production.
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved the MSP for raw jute for the 2022-23 season. The approval is based on recommendations of the Commission for Agricultural Costs and Prices.
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 Centre.
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.
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