New Delhi, Mar 25 (Agency) The union cabinet on Friday approved minimum support price (MSP) for raw jute for 2023 -24 season. “The Cabinet Committee on Economic Affairs, chaired by the Hon’ble Prime Minister Narendra Modi, has given its approval for the Minimum Support Price (MSP) for Raw Jute for 2023-24 season. The approval is based on recommendations of the Commission for Agricultural Costs and Prices (CACP),” an official statement said.
The MSP of Raw Jute (TD-3 equivalent to earlier TD-5 grade) has been fixed at Rs 5050 per quintal for 2023-24 season. This would ensure a return of 63.20 percent over the all India weighted average cost of production, the statement said. The announced MSP of raw jute for 2023-24 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, it added.