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Cabinet Approvals on Economic Affairs April 25 2018

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On April 25, 2018, Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, approved following initiatives.

Cabinet Approvals on Economic Affairs

Cabinet approves Minimum Support Prices for Raw Jute for 2018-19 season

Cabinet Committee on Economic Affairs has given its approval for the increase in the Minimum Support Price (MSP) for Raw Jute for 2018-19 season.

MSP for Jute, 2018-19:

Minimum Support Price (MSP) for Raw Jute has been increased to Rs.3700/- per quintal for 2018-19 season as compared to Rs. 3500/- per quintal in 2017-18 season.

  • MSP has been hiked based on recommendations of Commission for Agricultural Costs and Prices (CACP).
  • CACP recommends MSP by taking into consideration the cost of production, domestic and international prices, overall demand-supply and the likely impact of MSP on the rest of the economy.
  • Increase in MSP of Raw Jute will not only ensure appropriate minimum prices to the farmers but will also boost investment in Jute cultivation.

Cabinet approves restructured National Bamboo Mission

Cabinet Committee on Economic Affairs has approved Centrally Sponsored Scheme of National Bamboo Mission (NBM) under National Mission for Sustainable Agriculture (NMSA) for remaining period of Fourteenth Finance Commission i.e. for 2018-19 & 2019-20.

Overview of Restructured National Bamboo Mission (NBM):

National Bamboo Mission (NBM) was launched as a Centrally Sponsored Scheme in 2006-07 with an emphasis on propagation and cultivation of bamboo, with limited efforts on processing, product development and value addition.

  • NBM for 2018-19 & 2019-20 will be implemented by incurring expenditure of Rs.1290 crore, out of which Rs. 950 crore will be borne by the centre.
  • Main objective behind restructured NBM is to increase the area under bamboo plantation in non forest Government and private lands and thereby supplement farm income and contribute towards resilience to climate change.
  • About one lakh hectare area is proposed to be brought under plantation which will directly benefit about one lakh farmers.
  • Mission will be implemented in limited States particularly in the North Eastern region and States including Maharashtra, Madhya Pradesh, Chhattisgarh, Karnataka, Odisha, Uttarakhand, Bihar, Andhra Pradesh, Jharkhand, Telangana, Gujarat, Tamil Nadu and Kerala.