HomeIndia NewsCabinet Hikes MSP for Jute for 2022-23 Season

Cabinet Hikes MSP for Jute for 2022-23 Season

The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi, today approved the Minimum Support Price (MSP) for Raw Jute for the 2022-23 season. The approval is based on the recommendations of the Commission for Agricultural Costs and Prices.

The MSP of Raw Jute (TDN3 equivalent to TD5 grade) has been fixed at Rs.4750/- per quintal for the 2022-23 season with an increase of Rs.250/- over the previous year. This would ensure a return of 60.53 percent overall India weighted average cost of production. 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.

This assures a minimum of 50 percent as a margin of profit and ensures better remunerative returns to the jute growers as well as incentivizes quality jute fiber.

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