The Cabinet Committee on Economic Affairs has increased the Minimum Support Price (MSP) for raw jute for the 2024-25 season by ₹285 to ₹5,335 per quintal. Commerce Minister Piyush Goyal told reporters that the decision would ensure a return of 64.8% over the all-India weighted average cost of production. “In the last 10 years, the government has increased MSP for raw jute from ₹2,400 per quintal in 2014-15 to ₹5,335 a quintal in 2024-25, registering a growth of 122%,” Mr. Goyal said. The decision is expected to help jute farmers in West Bengal, Bihar and Assam.
Mr. Goyal said the Jute Corporation of India (JCI) would continue as the nodal agency to undertake price support operations and the losses incurred, if any, in such operations, would be fully reimbursed by the Centre. He said the JCI would procure jute if the market prices go below the MSP.
