Indian government lifts price capping on raw jute

Jute Commissioner Office has been collecting the information about the raw jute prices through formal and informal sources and it has found that the present prices are ruling near the capped price. As the existing prices of raw Jute are ruling around ₹6,500, the government of India has taken a dynamic decision to lift the price capping with effect from today, the ministry of textiles said in a media release.

The cap removal is expected to help the farmers, mills and jute MSME sector wherein over 7 lakh people are dependent on the jute trade in addition to about 40 lakh jute farmers. The decreasing trend in prices will also benefit jute goods exports which constitute about 30 per cent of the industry’s turnover in value terms.

ALCHEMPro News Desk (KD)