Jute industry writes to Smriti Irani over declining raw jute prices
Kolkata, Feb 13 (KNN) Facing losses due to declining prices of raw jute, the industry has sought intervention of Union Textiles Minister Smriti Irani.
In a letter to Smriti Irani, Manish Podddar, Chairman, Indian Jute Mills Association (IJMA) said a crisis was prevailing in raw jute with prices ruling at several notches below the minimum support price.
IJMA said for the TD 5 variety, the price was lower by about Rs 7,000 per tonne, and by Rs 10,290 per tonne for the TD 6 variety. “This is almost 20% and 35% below the MSP for TD5 and TD6 respectively,” it said, adding the total loss to jute farmers had been estimated at about Rs 1,000 crore.
The letter was written on February 8, 2018.
Raw jute producing states are West Bengal (74%) followed by Bihar and Assam.
The industry sought Irani’s intervention to raise purchases by the Jute Corporation of India as an immediate measure.