Hike in MSP of jute to Rs 2,400 per quintal for 2014-15 season

Cabinet Committee on Economic Affairs (CCEA) cleared the proposal on hiking minimum support price(MSP) of jute. Government has hiked the minimum support price (MSP) of jute by Rs 100 to Rs 2,400 per quintal for 2014-15 season. The hike in MSP is expected to prompt farmers to increase investment in jute cultivation and boost production.

Jute MSP of TD-5 variety has been increased by Rs 100 per quintal, Finance Minister P Chidambaram told reporters after the CCEA meeting.

In order to incentivize farmers for the production of higher grades, the premiums for TD-3 and TD-4 varieties of raw jute will be maintained at 20 per cent and 8 per cent respectively in relation to the price of TD-5, an official statement said.

MSP for jute stood at Rs 2,300 per quintal last season.

The Jute Corporation of India (JCI) will continue to act as the nodal agency of the Ministry of Textiles for procurement of raw jute.

Jute is largely cultivated in Assam, Bihar, Meghalaya, Nagaland, Orissa, West Bengal and Tripura.

Recent Posts

Kathmandu unveils carbon capture technology activewear

Kathmandu has launched Seeker range, an innovative and sustainable activewear collection that merges eco-friendly advancements with functional design.

1 day ago

GOTS joins Make the Label Count for textile sustainability

The Global Organic Textile Standard (GOTS), managed by the non-profit organization Global Standard, has joined the Make the Label Count…

1 day ago

Pact Group, BlockTexx to boost garment recycling

Packaging company Pact Group has partnered with textile recycling technology firm BlockTexx to develop a system for recycling discarded clothing…

1 day ago

Loftex promotes sustainability with innovative towel collection

Loftex USA is strengthening sustainability with the launch of eco-friendly towel sets, blending innovative performance features with luxurious designs.

3 days ago

Toray Industries produces sustainable acrylic fiber

Toray Industries, Inc. announced that starting this April, it will implement the mass balance approach in manufacturing its TORAYLON™ acrylic…

3 days ago

Cxffeeblack, COMOCO Cotton develop sustainable t-shirt

Cxffeeblack has joined forces with COMOCO Cotton, a sustainable textile company, to create a special coffee-dyed T-shirt made from unbleached…

3 days ago