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11 March 2024
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The Modi government, under the chairmanship of the Cabinet Committee on Economic Affairs, has increased the Minimum Support Price (MSP) for raw jute to give a gift to farmers before the Lok Sabha elections. MSP of raw jute has increased by 122% in the last 10 years, and will yield returns of 64.8% on Indian weighted average cost of production. The MSP of raw jute for the 2024-25 season is Rs 5,335 per quintal, which is at least 1.5 times the level announced in Budget 2018-19. Keeping in mind the habit of farmers, the government has increased the price by Rs 285 per quintal as compared to the last season. In the current season 2023-24, the government has procured a record quantity of more than 6.24 lakh bales of raw jute at a cost of Rs 524.32 crore, benefiting about 1.65 lakh farmers.

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