New Delhi, Feb 13 (PTI) The government Wednesday hiked the minimum support price for raw jute to Rs 3,950 per quintal for 2019-20 season from Rs 3,700 per quintal in the previous season.

The decision was taken at a meeting of the Cabinet Committee of Economic Affairs here, Union Minister Piyush Goyal said.

“The MSP would yield returns of 55.81 per cent over the All-india weighted average cost of production. The MSP of raw jute is expected to ensure appropriate minimum prices to the farmers and step up investment in jute cultivation and thereby production and productivity in the country,” an official statement said.

The Jute Corporation of India will continue to act as central nodal agency to undertake price support operations at the minimum support price (MSP) in jute growing states.

This is published unedited from the PTI feed.