The
Jute Corporation of India Limited (JCI) was set up in 1971 as an official agency by the Government of India with the aim to provide minimum support price (MSP) to the jute cultivators and also work as a helping hand in the raw jute sector.
JCI was established by the Indian Government for the welfare of the jute growers, for example, granting them a certain amount of funds with the help of which they can have their own farming sector of jute. The JCI was first started as a small official agency at the beginning but then slowly it expanded its networking and now has almost spread in 7 states successfully for jute growing. The states which are eminent for jute growing in India include West Bengal, Bihar, Assam, Meghalaya, Tripura, Orissa, and Andhra Pradesh. Few activities of The Jute Corporation of India Ltd. are as follows:
- Organizing leverage operations to secure the minimum support price (MSP) to the jute sector
- Obtain a stock of fiber that also might include the imported fibers
- Conducting commercialized operations in a prudent way
- Importing fiber in order to supplement endemic accessibility
- Exporting fiber
- Processing and exporting goods made of jute
- Undertaking measures for the promotion of jute goods while exporting
The Government of India fixes the minimum support price (MSP) for the JCI from time to time and the Price Support Operation is being set up to procure raw jute from the farmers which is based on the MSP fixed by the Government. The Jute Corporation of India Ltd. demands superior quality products and so the raw jute market in JCI receives a premium for its quality value. JCI also acts as the export inspection agency appointed by the Government of India and it inspects the jute just before being exported.
The JCI possess an authorized capital of Rs. 5 crore which has to be paid later on to the Government of India. The Reserve Bank of India has fixed up a specific credit line of minimum price support for the jute sector in JCI in accordance with the policies put forth by the Government. The Jute Corporation of India Ltd. also takes part in the marketing research sector and plays the role of a decision-support-system in agricultural marketing sector. Jute is one of the most significant revenue earning segment in India. Jutes manufactured in India are not only sold on a large-scale basis in the domestic market but it is also traded worldwide. Jute growing in India has gained huge fame over the years and is on its way to success at present.
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