The jute industry is in the doldrums with raw jute selling below the minimum support price (MSP), owing to the dilution of the Jute Packaging Materials Act (JPMA).
Raw jute prices have crashed to Rs 850-860 per quintal ex-Kolkata while the MSP is Rs 1,000. Industry representatives, who have cut down production to the extent of 20-25 per cent, anticipate further cuts in production.
