JCI plans e-auction jute trading platform to modernise supply chain

Jute Corporation of India (JCI) on Friday said it was working on an e-auction platform in jute trading to modernise the supply chain of the environment-friendly fibre.

The Corporation said it was geared up for MSP (minimum support price) operation for the upcoming jute season beginning July 1, with its extensive network spread over eight states.

JCI Chairman and Managing Director Ajay Kr Jolly said they are working on the finer details and ironing out the complexities involved in the e-auction system.

The platform is expected to be owned and managed by JCI.

Jolly said the Corporation has 110 purchase centres operated by it and will engage about 500 extended purchase centres in association with cooperatives and NGOs in eight states.

This year, the MSP for reference grade of TD3 has been raised by Rs 300 to Rs 5,050 per quintal in the 2023-24 season.

In the 2022-23 jute season, the corporation has already procured 5.6 lakh quintals, which is the highest in the last five years, Jolly said.

It includes 1.36 lakh quintals of commercial procurement while the rest is for MSP operations, an official said.

On the promotion of the industry, Jolly said the Jute-ICARE project is in its ninth phase in its ninth year, providing benefits to more than 3.5 lakh farmers.

Jute-ICARE plans to introduce a Geospatial Crop Surveillance & Monitoring system in association with National Remote Sensing Centre (NRSC) to cover jute fields on a pan-India basis, to accurately ascertain the cultivable land and estimate jute production and productivity.

Officials reiterated that JCI is poised to continue its relentless efforts to serve the jute farming community.