Minimum Support Prices (MSP) for Raw Jute for the forthcoming 2024–25 season have been approved by the Cabinet Committee on Economic Affairs, led by Prime Minister Modi, in a major step toward aiding jute growers. This decision comes as a relief to the agricultural sector, particularly to those engaged in jute cultivation. Approved MSP for Raw Jute (TDN-3 equivalent to earlier TD-5 grade) stands at Rs.5,335/- per quintal for the 2024-25 season.
This pricing structure guarantees a return of 64.8 percent over the all India weighted average cost of production, aligning with the government's commitment to fixing the MSP at a level of at least 1.5 times the all India weighted average cost of production, as outlined in the Budget 2018-19.
The decision to set the MSP for Raw Jute is based on thorough evaluations and recommendations put forth by the Commission for Agricultural Costs and Prices (CACP), reflecting a concerted effort to ensure fair compensation for jute growers.
Compared to the previous season, MSP for Raw Jute witnesses a notable increase of Rs.285/- per quintal for the 2024-25 season. Over the past decade, government has consistently raised the MSP for Raw Jute, marking a commendable growth trajectory from Rs.2,400 per quintal in 2014-15 to Rs.5,335/- per quintal in 2024-25, signifying a remarkable surge of 122 percent.
In the preceding season of 2023-24, government undertook record procurement of more than 6.24 lakh bales of Raw Jute, amounting to a total expenditure of Rs.524.32 crore. This procurement initiative has directly benefited approximately 1.65 lakh farmers, underscoring the government's commitment to bolstering the agricultural community.
Jute Corporation of India (JCI) will persist as the Central Government Nodal Agency responsible for executing Price Support Operations. Any losses incurred during such operations will be fully reimbursed by the Central Government, reaffirming its steadfast support for jute farmers.
Approval of MSP for Raw Jute for the 2024-25 season underscores the government's unwavering dedication to ensuring the welfare and prosperity of farmers across the country, thereby fortifying the agricultural backbone of the nation.
