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MSP For Raw Jute For 2022-23 Season

MSP For Raw Jute For 2022-23 Season:

The Cabinet Committee on Economic Affairs has approved the Minimum Support Price (MSP) for Raw Jute for 2022-23 season.

  • The approval is based on recommendations of the Commission for Agricultural Costs and Prices.
  • The announced MSP of raw jute for 2022-23 season is in line with the principle of fixing the MSP at a level of at least 1.5 times all India weighted average cost of production as announced by the Government in the Budget 2018-19.
  • It assures a minimum of 50 percent as margin of profit.
  • It is one of the important and progressive steps towards ensuring better remunerative returns to the jute growers and to incentivize quality jute fibre.
  • MSP is the rate at which the government buys grains from farmers.
  • The MSP is the rate at which the government purchases crops from farmers, and is based on a calculation of at least one-and-a-half times the cost of production incurred by the farmers.
  • The Union Budget for 2018-19 had announced that MSP would be kept at levels of 1.5 the cost of production.
  • The MSP is fixed twice a year on the recommendations of the Commission for Agricultural Costs and Prices (CACP), which is a statutory body and submits separate reports recommending prices for kharif and rabi seasons.

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