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India hikes jute MSP by 6%; still lower than market prices

29 Mar '23
2 min read
Pic: Shutterstock.com
Pic: Shutterstock.com

Insights

  • Indian government has announced a 6 per cent increase in MSP for jute for 2023-24 season, set at ₹5,050 per quintal for raw jute.
  • This is lower than the current market prices.
  • The government has stated that the MSP hike will provide a return of 63.20 per cent over the average cost of production.
  • JCI will provide support if market prices fall below MSP.

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