New Delhi [India], May 19 (ANI): The price capping of raw jute, which was fixed at Rs 6,500 per quintal on 30th September 2021, will be lifted with effect from May 20, the Union Ministry of Textiles said on Thursday.

"The Central Government after careful examination of the market dynamics of raw jute trade has lifted price cap of Rs 6500/- per quintal for TD5 grade of raw jute fixed w.e.f. 30th September, 2021 on purchase of raw jute by the Jute Mills and other end users," the Ministry of Textiles said in a statement

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"It is expected that the cap removal will help the farmers, Mills and Jute MSME sector wherein over 7 lakhs people are dependent on the jute trade in addition to about 40 lakhs jute farmers," it said.

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.

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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 Rs 6500/- the government of India has taken a dynamic decision to lift the price capping w.e.f. 20th May 2022, the ministry said. (ANI)

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