Cabinet approves raw jute MSP hike for FY25, industrial development scheme for northeast
₹285 to ₹5,335 per 100 kg for the 2024-25 season. An estimated 4.0 million jute farmers and their households, and 500,000 workers involved with jute mills will benefit from the move, Union minister Piyush Goyal said while announcing the Cabinet decisions. The MSP 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 for 2018-19, an official release said.
The new support price will ensure a return of 64.8% over the all-India weighted average cost of production, the statement added. This season, the government has procured more than 624,000 bales of raw jute, a record, at an estimated cost of ₹524.32 crore, benefitting around 165,000 farmers. The Jute Corp of India will continue as the nodal agency to undertake price support operations and losses incurred, if any, will be fully reimbursed by the central government.
Additionally, the Union cabinet approved the UNNATI-2024 (Uttar Poorva Transformative Industrialization Scheme, 2024), a new industrial development scheme for north-eastern states, with a budget of ₹10,037 crore. The scheme aims to generate jobs and boost development in the region. "The proposed scheme envisages approximately 2,180 applications, and it is anticipated that direct employment opportunities of about 83,000 will be generated during the scheme period.
A significant number of indirect employment is also expected to be generated," an official statement said. Under the scheme, incentives would be provided to investors for setting up new units or undertaking significant expansion of the existing units. "The scheme is proposed to be divided into
. Read more on livemint.com
