New Delhi, March 7 -- The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi, on Thursday, gave its approval for the Minimum Support Prices (MSP) for raw jute for the 2024-25 season.

Briefing reporters after a meeting of the union cabinet, Commerce and Industry Minister Piyush Goyal said that the decision is based on recommendations of the Commission for Agricultural Costs and Prices (CACP).

He said the MSP for the 2024-25 season is an increase of Rs 285 per quintal for raw jute over the previous season.

The MSP of Raw Jute (TDN-3 equivalent to earlier TD-5 grade) has been fixed at Rs 5,335 per quintal for the 2024-25 season. This would ensure a return of 64.8 per cent over the all-India weighted average cost...