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.