CCEA approves MSP for raw jute for 2017-18 season

New Delhi [India], April 12 (ANI): The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave its approval for the increase in the Minimum Support Price (MSP) for raw jute for 2017-18 season in order to protect the economic interests of the farmers.

The CCEA has increased the MSP to a level of Rs. 3500/- per quintal for 2017-18 season which is an increase of Rs. 300/- or 9.4 percent over the previous year.

During last three years (2015-16, 2016-17 and 2017-18), the government has increased the MSP for jute from Rs. 2700/- to Rs. 3500/- (29.6 percent) as compared to increase from Rs.2200/- to Rs. 2400/- (9.1 percent) in the preceding three years (2012-13, 2013-14 and 2014-15).

Jute is mainly used as raw material for the packaging industry. The increase in MSP would benefit the Jute industry which supports the livelihood of around 40 lakh farm families and provides direct employment to 3.7 lakh workers in organised mills and in diversified units including tertiary sector and allied activities. These farm families are mainly concentrated in the States of West Bengal, Bihar and Assam which account for over 95% of the area as well as jute production in the country.

New varieties of jute viz., JRO-204, JBO-2003, JRS-517, JRC-532 and JRO-2407 are being promoted by providing support for seeds production under National Food Security Mission (NFSM)-Commercial Crops. National Seeds Corporation Limited has entered into agreement for promotion of new varieties of jute seeds in the jute growing states. (ANI)