MSP FOR RAW JUTE

Description

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Context

The MSP of Raw Jute has been fixed at Rs.5050/- per quintal for 2023-24 season.

READ ALL ABOUT MSP: https://www.iasgyan.in/daily-current-affairs/minimum-support-price-msp-19

Details

The announced MSP of raw jute for 2023-24 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 incentivizing quality jute fiber.

Note: The Jute Corporation of India (JCI) will continue as Central Government Nodal Agency to undertake Price Support Operations and the losses incurred, if any, in such operations, will be fully reimbursed by the Central Government.

MAINS PRACTICE QUESTION

Q. Political will and trust between the stakeholders involved, are the stepping stones to bring in, structural reforms pertaining to the current MSP system so that the farmers benefit from it and the same time the society at large doesn’t lose out with its continuation. Comment.

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1910520#:~:text=The%20MSP%20of%20Raw%20Jute,weighted%20average%20cost%20of%20production