CrackitToday App

MSP For Jute

MSP For Jute:

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister of India, has given its approval for the Minimum Support Price (MSP) for Raw Jute for the 2023-24 season.

  • Jute is one of the most important natural fibres after cotton in terms of cultivation and usage
  • India is the largest producer of jute followed by Bangladesh and China.
  • It is mainly grown in eastern India because of the rich alluvial soil of the Ganga-Brahmaputra delta.
  • In India, major jute-producing states include West Bengal, Bihar, Odisha, Assam, Andhra Pradesh, Meghalaya and Tripura.
  • A minimum support price (MSP) is a minimum price for any crop that the Government considers as remunerative for farmers and hence deserving of “support”.
  • It is also the price that Government agencies pay whenever they procure a particular crop from the farmers.
  • There is currently no statutory backing for these prices, nor any law mandating their enforcement.