The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, sanctioned a hike in the minimum support price (MSP) of raw jute by ₹285 to ₹5,335 per 100 kg for the 2024-25 season.
Union Minister Piyush Goyal announced that approximately 4.0 million jute farmers and their households, along with 500,000 workers linked to jute mills, will benefit from this decision.
The MSP for the upcoming season adheres to the government’s commitment to fix it at least 1.5 times the all-India weighted average cost of production, as declared in the 2018-19 budget.
The revised support price guarantees a return of 64.8% over the all-India weighted average cost of production. Notably, the government procured a record-breaking 624,000 bales of raw jute this season, benefiting around 165,000 farmers at an estimated cost of ₹524.32 crore.
The Jute Corporation of India will continue to serve as the nodal agency for price support operations, with any incurred losses to 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 initiative for the north-eastern states, with a budget of ₹10,037 crore.
The scheme aims to stimulate job creation and promote regional development. It is expected to receive approximately 2,180 applications, generating around 83,000 direct employment opportunities during its duration. Significant indirect employment is also anticipated.
Under UNNATI-2024, incentives will be offered to investors for establishing new units or expanding existing ones.
The scheme, effective from its notification date until March 31, 2034, includes eight years of committed liabilities and is divided into two parts: Part A for incentives to eligible units (₹9,737 crore) and Part B for scheme implementation and institutional arrangements (₹300 crore).
