The government on Thursday raised MSP for raw jute by Rs 285 to Rs 5,335 per quintal for the 2024-25 season.
The decision to fix the minimum support price (MSP) of raw jute (TDN-3 equivalent to earlier TD-5 grade) was taken at the Cabinet Committee on Economic Affairs, Union Minister Piyush Goyal said.
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He said the decision will greatly benefit farmers in eastern states, especially West Bengal.
In the current season 2023-24, the government has procured a record amount of more than 6.24 lakh bales of raw jute at the cost of Rs 524.32 crore, benefitting around 1.65 lakh farmers.
The MSP for 2024-25 will ensure a return of 64.8 per cent over the all-India weighted average cost of production, an official release said.
The MSP of raw jute for the 2024-25 season is in line with the principle of fixing the minimum support price at a level of at least 1.5 times all India's weighted average cost of production as announced by the government in the Budget 2018-19.
The decision is based on recommendations of the Commission for Agricultural Costs and Prices (CACP).
The Jute Corporation of India (JCI) will continue as a 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.
The government also approved a Rs 10,037-crore new industrial development scheme, UNNATI, for northeast states.
The Union Cabinet also approved the Uttar Poorva Transformative Industrialization Scheme, 2024, here, an official release said.
The central sector scheme has been announced for the development of industries and employment generation in the states of North East Region.
The scheme's main objective is to generate gainful employment, which will lead to the area's overall socio-economic development.
The scheme will create productive economic activity in the manufacturing and service sectors.
Under the scheme, incentives would be provided to investors for setting up new units or undertaking significant expansion of the existing units.
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The scheme will be effective from the date of notification and up to March 31, 2034, along with eight years of committed liabilities.
The Union Cabinet also approved a bill to provide reservations to Scheduled Tribes in the Goa Legislative Assembly.
Briefing reporters on the decisions taken by the Cabinet, Union Minister Piyush Goyal said the ST community have no seats reserved in the Goa assembly.
Amid demands from the community, the Cabinet approved the 'Readjustment of Representation of Scheduled Tribes Bill, 2024, which will empower the Census Commissioner to notify the population of STs in Goa.
Based on it, the Election Commission will amend the Delimitation of Parliamentary and Assembly Constituencies Order, 2008, to make way for ST reservation in the 40-member Goa Assembly.
The bill could now be brought in the next Lok Sabha to be formed after the upcoming general elections.
Watch: Cabinet briefing by Union Minister Piyush Goyal