The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, on Wednesday approved the increase in the Minimum Support Price (MSP) for raw Jute for 2017-18 season to Rs 3,500 per quintal in order to protect the farmers' economic interests, a cabinet communique said. It would benefit the jute industry, which supports the livelihood of around 40 lakh farm families and provides direct employment to 3.7 lakh workers in organised mills and in diversified units including tertiary sector and allied activities, it said. "The CCEA has increased the MSP to a level of Rs 3,500 per quintal for 2017-18 season, which indicates an increase of Rs 300 (9.4 per cent) over the previous year.

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