Ministerial Intervention Boosts Jute Sector: Stock Limits Revised

The Union Textiles Minister Giriraj Singh reviewed high raw jute prices, increasing stock limits for mills but reducing them for traders to benefit jute farmers and mills. Prices of jute bags have been raised to support the industry, reflecting government focus on safeguarding the interests of jute workers and farmers.

In response to soaring raw jute prices, Union Textiles Minister Giriraj Singh has initiated measures to stabilize the market. The ministry increased stock limits for jute mills while decreasing them for traders, a move designed to protect the interests of jute farmers and ensure sufficient raw material for mills.

Efforts to combat hoarding were intensified, with the Office of the Jute Commissioner identifying those exceeding stock limits. Meanwhile, jute bag prices have seen incremental hikes, reaching Rs 87.20 per bag, reflecting the government's ongoing commitment to industry stability and farmer welfare, especially in West Bengal.

The government has vowed enhanced support for the Jute ICARE Scheme, aiming to improve productivity and profitability for jute producers. Additionally, the Jute Corporation of India Limited reported increased profits, underscoring the sector's resilience amid challenging market conditions.

(With inputs from agencies.)