Union Cabinet approves hike of Minimum Support Price (MSP) for raw jute

The Cabinet Committee on Economic Affairs (CCEA) has approved the increase in the Minimum Support Price (MSP) for Raw Jute for 2018-19 season. The MSP for Fair Average Quality of Raw Jute has been increased to Rs 3700 per quintal for 2018-19 season from Rs 3500 per quintal in 2017-18 season. The MSP of Raw Jute is expected to ensure appropriate minimum prices to the farmers and step up investment in Jute cultivation and thereby production and productivity in the country. The increased MSP is based on recommendations of Commission for Agricultural Costs and Prices (CACP). It takes into account the cost of production, overall demand-supply, domestic and international prices, terms of trade across sectors and the likely impact of MSP on rest of the economy.

Month: Current Affairs - April, 2018