India, March 8 -- The Union Cabinet chaired by Prime Minister Narendra Modi on Thursday hiked the minimum support price of raw jute by Rs.285 per quintal to Rs.5,335 per quintal for the 2024-25 season, commerce and food minister Piyush Goyal said, briefing reporters.
The increase in MSP for the new season would give a return of 64.8% over the all-India weighted average cost of production. It is in line with the principle of fixing MSPs at a level of at least 1.5 times the average cost of production. The MSP for 2024-25 is 5.6% higher than that of the current season. The hike is based on recommendations of the Commission for Agricultural Costs and Prices (CACP). MSP is a floor price aimed at helping avoid distress sale by farmers.
In the l...