CCEA approves 9.4% hike in raw jute MSP for 2017-18 season
The Cabinet Committee on Economic Affairs (CCEA) has approved increase in the Minimum Support Price (MSP) for raw Jute for 2017-18 season in order to protect the economic interests of the farmers.
The MSP was increased to Rs. 3500/- per quintal for 2017-18 season, an increase of Rs. 300/- (9.4%) over the previous year.
- Jute is long, soft, shiny vegetable fiber mainly used as raw material for Packaging Industry. It is also called as the golden fiber for its colour and high cash value.
- The increase in MSP will benefit Jute industry which supports the livelihood of around 40 lakh farm families and 3.7 lakh workers directly employed in the organised mills and in tertiary sector and allied activities.
- These farm families are mainly concentrated in three eastern states viz. West Bengal, Bihar and Assam which account for over 95% of the total area under jute production in the country.
- National Seeds Corporation Limited (NSCL) is promoting new varieties of jute viz., JRO-204, JBO-2003, JRS-517, JRC-532 and JRO-2407 under National Food Security Mission (NFSM)-Commercial Crops.
- In this regard, NSCL has entered into agreement for promotion of new varieties of jute seeds in the jute growing states.
Categories: Economy & Banking Current Affairs