IJMA urges West Bengal govt to take steps to check raw jute boarding

"The state government is empowered by the Jute Commissioner vide provisions of JTCO, 2016, to ensure that traders indulging in hoarding for the purpose of speculative gains are prevented from doing so and strictly dealt with," a mill owner said.

The jute industry has sought the West Bengal government's help to check hoarding of raw jute, which has caused a sharp hike in prices and may lead to closure of several jute mills, rendering thousands jobless ahead of the festive season. The Indian Jute Mills Association (IJMA) had written to the state's Labour Minister Moloy Ghatak, seeking directives for stringent action against raw jute hoarders.

Sources told PTI the Jute Commissioner, in an order issued on Tuesday, capped raw jute holding more than 1,500 quintals on own or third party party account to prevent hoarding. The average monthly raw jute price of TD5 South Bengal has risen to Rs 5,400 per quintal in August from Rs 4,486.46 per quintal in June, IJMA said.

The prices had already jumped over 20 per cent apprehending shortage of crop in 2020-21. "The state government is empowered by the Jute Commissioner vide provisions of JTCO, 2016, to ensure that traders indulging in hoarding for the purpose of speculative gains are prevented from doing so and strictly dealt with," a mill owner said.