Jute MSP Raised to ₹5,335/quintal: JCI Starts Procurement
By Rediff Money Desk, Kolkata Jul 01, 2024 18:51
Jute Corporation of India (JCI) has begun MSP operations for raw jute at ₹5,335 per quintal for 2024-25, benefiting over 1.70 lakh farmers. Learn more about the new MSP and JCI's procurement program.
Kolkata, Jul 1 (PTI) The Jute Corporation of India (JCI) has commenced Minimum Support Price (MSP) operations for raw jute from Monday, a senior official said.
The government has raised the MSP for raw jute by Rs 285 to Rs 5,335 per quintal for the 2024-25 season.
In the current season (2023-24), the government has procured a record amount of over 7.24 lakh bales of raw jute, costing over Rs 500 crore, and benefiting around 1.70 lakh farmers.
This is a significant increase compared to the 2.3 lakh bales procured in 2022-23.
Despite projections of reduced production by the Expert Committee on Jute (ECJ), the price of the golden fibre has plummeted below Rs 5,000 per quintal. In contrast, the MSP for the 2024-25 season is Rs 5,335 per quintal, due to very low demands for the raw material by jute mills.
This significant drop in prices is primarily attributed to reduced orders for GBT (Gunny Burlap Textile) bags by the Food Corporation of India (FCI) and State Procuring Agencies (SPAs). The Mills are sitting on huge old stock, sources said.
According to JCI General Manager K Mazumdar, there is no restriction on the quantity of procurement by the agency.
He stated that 110 direct JCI procurement centres are operational, and an additional 25 outsourced centres are active.
The JCI's MSP procurement is directly from farmers, protecting them from distress sales.
Mazumdar also mentioned that stakeholders and farmers can use the "Patsan app" to access MSP operation details, including support in various areas like production.
The government has raised the MSP for raw jute by Rs 285 to Rs 5,335 per quintal for the 2024-25 season.
In the current season (2023-24), the government has procured a record amount of over 7.24 lakh bales of raw jute, costing over Rs 500 crore, and benefiting around 1.70 lakh farmers.
This is a significant increase compared to the 2.3 lakh bales procured in 2022-23.
Despite projections of reduced production by the Expert Committee on Jute (ECJ), the price of the golden fibre has plummeted below Rs 5,000 per quintal. In contrast, the MSP for the 2024-25 season is Rs 5,335 per quintal, due to very low demands for the raw material by jute mills.
This significant drop in prices is primarily attributed to reduced orders for GBT (Gunny Burlap Textile) bags by the Food Corporation of India (FCI) and State Procuring Agencies (SPAs). The Mills are sitting on huge old stock, sources said.
According to JCI General Manager K Mazumdar, there is no restriction on the quantity of procurement by the agency.
He stated that 110 direct JCI procurement centres are operational, and an additional 25 outsourced centres are active.
The JCI's MSP procurement is directly from farmers, protecting them from distress sales.
Mazumdar also mentioned that stakeholders and farmers can use the "Patsan app" to access MSP operation details, including support in various areas like production.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 17.63 ( -1.51)
- 86542805
- AvanceTechnologies
- 1.01 (+ 4.12)
- 75125645
- GTL Infrastructure
- 3.43 (+ 4.89)
- 61561324
- Shree Securities
- 0.39 (+ 11.43)
- 53709929
- Rajnish Wellness
- 5.73 ( -2.72)
- 29469702
MORE NEWS
![SBI Launches...](https://im.rediff.com/80-80/money/2019/jan/13loan.jpg)
SBI Launches 'MSME Sahaj' for Digital Invoice...
SBI introduces 'MSME Sahaj', an end-to-end digital invoice financing solution designed...
![Odisha GST...](https://im.rediff.com/80-80/money/2023/aug/01gst-collection.jpg)
Odisha GST Collection Grows 13.87% in June
Odisha's gross GST collection in June 2024 was Rs 4,987.27 crore, up 13.87% from the...
![Kapil Wadhawan...](https://im.rediff.com/80-80/money/2021/jun/08piramal.jpg)
Kapil Wadhawan Challenges Insolvency...
Kapil Wadhawan, former DHFL promoter, appeals NCLT order to initiate personal...