• UGI USER
  • Mar 28, 2023
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MSP For Jute

News: The Minimum Support Price (MSP) for Raw Jute for the 2023–24 season has received approval from the Cabinet Committee on Economic Affairs, which is presided over by the Prime Minister of India.

 

In terms of production and use, jute is one of the most significant natural fibers, second only to cotton.

Jute is most often produced in India, followed by Bangladesh and China.

Because of the excellent alluvial soil of the Ganga-Brahmaputra delta, it is primarily farmed in eastern India.

States that produce a significant amount of jute in India include West Bengal, Bihar, Odisha, Assam, Andhra Pradesh, Meghalaya, and Tripura.

A minimum support price (MSP) is the lowest price the government will accept for any crop it determines to be profitable for farmers and as such worthy of “support.”

It is also the cost that the government pays whenever it buys a certain commodity from farmers.

At the moment, neither a statute supporting these pricing nor a law requiring their application exist.