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India hikes jute MSP by 6%; still lower than market prices

This hike in MSP will provide a return of **.** per cent over the average cost of production. The Jute Corporation of India will undertake price support operations if market prices fall below MSP, ministry of agriculture and farmers welfare said in a press release. 

Jute, a natural fibre used for packaging, faces tough competition from synthetic fibres which offer cheaper packaging solutions. However, synthetic packaging is a major contributor to non-degradable waste, and the Indian government is making efforts to promote eco-friendly jute packaging. The Jute Packaging Materials (for compulsory use in packaging commodities) Act, ****, stipulates certain commodities to be packed in jute.