The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has approved providing financial support to the JCI. It has been decided to provide subsidy to Jute Corporation of India (JCI) on a continuous basis to off-set the losses on account of Minimum Support Price (MSP) operations by JCI. The quantum of subsidy will include the difference between the Purchase and Sale Price of MSP Raw Jute along with fixed overhead costs incurred by JCI in maintaining its infrastructure for MSP operation. The annual subsidy for maintaining its infrastructure for MSP operations will be Rs. 55 crore for 2014-15; Rs. 52.11 crore for 2015-16; Rs. 49.38 crore for 2016-17; Rs. 46.78 crore for 2017-18.
