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The jute cultivation and jute industry that faced huge losses and shortage in production due to floods in West Bengal last year is a cause of concern for the government as the price of jute, that is one of the cheapest items India produces, is on rise, said a senior official in the Ministry of Textiles.
Raw jute prices have already touched an unprecedented high of Rs 54,000 a tonne, twice the level of Rs 27,000 per tonne in the year-ago period. Mill owners and traders feel commercial intervention by JCI would spike raw jute prices to the level of Rs 60000 a tonne.
