The Union Cabinet is believed to have considered a proposal to raise the support price for procuring raw jute during its meeting on Wednesday, according to sources.
The Minimum Support Price (MSP) of raw jute is Rs 4,225 per quintal for the 2020-21 season.
The sources said the proposal to increase the MSP of raw jute for 2021-22 was on the agenda of the Cabinet Committee on Economic Affairs (CCEA).
However, it could not be ascertained whether a decision has been taken on hiking the MSP.
An official announcement about the decision is unlikely to be made because of the model code of conduct being in place for the assembly election in West Bengal, which is a major jute producing state, one of the sources said.
The Jute corporation of India (JCI) is the central government's nodal agency to undertake price support operations.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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