Indian Government Raises Minimum Support Price for Raw Jute for 2023-24 Season Based on CACP Recommendations
For the upcoming 2023-24 season, the Indian government has increased the minimum support price (MSP) for raw jute by Rs 300 to Rs 5,050 per quintal. The decision was taken during a meeting of the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, and was based on the recommendations of the Commission for Agricultural Costs and Prices (CACP). The MSP of Raw Jute (TD-3 equivalent to earlier TD-5 grade) has been fixed at Rs 5,050 per quintal for the upcoming season.
Indian Government’s Increase of Minimum Support Price for Raw Jute Expected to Benefit Farmers Nationwide
This decision will ensure a return of 63.2% over the all India weighted average cost of production. The decision to increase the minimum support price for raw jute is consistent with the government’s policy of setting MSPs at a level that is at least 1.5 times the average cost of production for India, as declared in the Budget 2018-19, was taken into account. The decision is expected to benefit jute farmers across the country.
Jute Corporation of India to Continue Price Support Operations as Government Offers Reimbursement for Losses
To undertake price support operations, the Jute Corporation of India (JCI) will continue as the central government nodal agency. If any losses are incurred during such operations, they will be fully reimbursed by the central government. The move is expected to encourage jute farming and ensure that farmers receive a fair price for their produce.
Indian Government Increases MSP for Raw Jute to Benefit Farmers and Ensure Fair Prices
In conclusion, the Indian government has increased the MSP of raw jute for the 2023-24 season based on the recommendations of the CACP. The decision, which was taken during a meeting of the Cabinet Committee on Economic Affairs chaired by Prime Minister Modi, the minimum support price is set to be no less than 1.5 times the average production cost in India. The move is expected to benefit jute farmers across the country and ensure that they receive a fair price for their produce. The JCI will continue as the central government nodal agency for price support operations, with any losses incurred during such operations being fully reimbursed by the central government.
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