On 22 March 2022, the Indian Cabinet Committee on Economic Affairs approved a minimum support price of INR 4750 (~USD 62.42) per quintal for raw jute (TDN3 equivalent to TD5 grade) for the 2022-2023 season. This price is INR 250 (~USD 3.29) above the price of the previous year.

The minimum support price is the price at which the government guarantees to purchase the product from the farmers in case there is any fall in the market prices. Jute Corporation of India will be the nodal agency to undertake these operations.

The MSP was later increased for the 2022-2023 season (see related state act).

*the Indian jute season is from July to June.