Cabinet approves Minimum Support Price for Raw Jute for 2024-25 Season

Published By : Admin | March 7, 2024 | 20:33 IST
An increase of Rs.285 per quintal
MSP for Raw Jute registered 122 per cent growth in Last 10 years

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi, has given its approval for the Minimum Support Prices (MSP) for Raw Jute for 2024-25 season.

The MSP of Raw Jute (TDN-3 equivalent to earlier TD-5 grade) has been fixed at Rs.5,335/- per quintal for 2024-25 season. This would ensure a return of 64.8 percent over the all India weighted average cost of production. The announced MSP of raw jute for 2024-25 season is in line with the principle of fixing the MSP at a level of at least 1.5 times all India 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 MSP for 2024-25 season is an increase of Rs.285/-per quintal for Raw Jute over the previous season. In the last 10 years, the Government has increased MSP for Raw jute from Rs.2,400 per quintal in 2014-15 to Rs.5,335/- per quintal in 2024-25, registering a growth of 122 percent.

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 Jute Corporation of India (JCI) will continue as 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.

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‘India’s Defence Transformation is a Testament to Self-Reliance and Sovereignty,’ says Rajnath Singh, Minister of Defence
January 31, 2025

India’s defence sector has witnessed unprecedented growth and modernisation in recent years, driven by indigenous production, strategic investments, and a renewed focus on self-reliance. From the ₹10,000 crore Pinaka rocket ammunition deal to advanced missile technologies like Agni V MIRV and Pralay, the nation is reinforcing its position as a global military powerhouse.

Speaking about India’s evolving defence capabilities, Union Defence Minister Rajnath Singh stated, ‘India’s defence transformation is not accidental; it is the result of strategic policies, technological innovation, and a commitment to our sovereignty. We are not just equipping our armed forces; we are building a foundation of self-reliance for generations to come.’

The Pinaka Enhanced Rocket System, developed by DRDO, has become a symbol of India’s growing indigenous capabilities. “Pinaka is more than a weapon—it represents India’s determination to rely on its own technological advancements. It ensures that our armed forces are equipped with world-class systems made right here on Indian soil,” said Singh. The deal, which engages both public and private sectors, highlights the government’s commitment to fostering innovation and creating jobs within the country.

India’s successful deployment of the Agni V missile, equipped with Multiple Independently Targetable Re-entry Vehicle (MIRV) technology, reflects its strategic deterrence capabilities. ‘Agni V sends a strong message: India is prepared to defend its sovereignty against any threat. It enhances our deterrence capability and demonstrates our readiness to face modern challenges,’ Singh emphasised.

The addition of the Pralay tactical missile further strengthens India’s strike capabilities. Designed for rapid deployment and precision targeting, it is ideal for high-altitude and border operations. ‘Pralay is a game-changer. It ensures that India can respond swiftly and effectively in any conflict scenario,’ Singh remarked, calling the missile a testament to DRDO’s innovative approach to modern warfare.

India’s foray into Directed Energy Weapons (DEWs) is equally impressive, representing the future of military technology. These systems, including laser-based and microwave-based weapons, are critical for neutralizing advanced threats like drones and missiles. ‘DEWs showcase our ability to lead in next-generation warfare. These systems are a reflection of India’s scientific talent and strategic foresight,’ Singh said.

Singh also highlighted the transformation in India’s defence budgeting over the years. Before 2014, defence spending focused primarily on maintenance, with limited investment in modernisation. Today, the defence budget has consistently increased under the able the leadership of PM Modi, with the 2024-25 allocation crossing ₹ 6.21 lakh crore. ‘Our budgets reflect our priorities. Nearly 75% of our defence modernization Budget is directed toward domestic procurement, ensuring that every rupee strengthens our self-reliance and national security,’ he said.

Emphasising the commitment of the Government towards Atamnirbharta in defence, Shri Singh mentioned “ Recognizing the need for robust growth of private defence industry in the country, 25 % of this modernization budget allocation has further been reserved for procurement from private defence industry. This has assured private sector of firm demand, thus encouraging them to undertake further investment. This has been a game-changer so far as development of domestic defence industry is concerned.

The Defence Minister asserted that another major game-changer in defence manufacturing in India has been the issue of five Positive Indigenization Lists containing more than 500 major defence items which are to be produced within country over a span of time. These lists have provided a road map for progressive realization of the objective of self-reliance in defence.

Infrastructure has been another critical focus area. The Border Roads Organisation (BRO) has significantly enhanced connectivity in strategic areas like Jammu & Kashmir and the North East. Projects like the Atal Tunnel exemplify the government’s commitment to integrating infrastructure with defence preparedness. ‘The development of all-weather roads and tunnels ensures that our troops can mobilize swiftly while empowering local communities. This is a dual achievement of security and inclusion,’ Singh noted.

India’s defence transformation extends beyond protecting borders; it is about securing the nation’s future and positioning it as a global leader. ‘Our journey is one of innovation, self-reliance, and unwavering resolve. We are building a stronger India that is prepared for any challenges’ Singh concluded.

India's defence sector exemplifies the nation's resilience and vision, focusing on modernisation, indigenous production, and strategic investments. As Rajnath Singh aptly put it, ‘India is not just building weapons; we are building strength, security, and sovereignty for generations to come.’