India Issues Jute Stock Control Order to boost raw jute supply
Indian Ministry of Textiles has issued jute stock control order for jute mills, balers and all types of traders, dealers, agencies and stockists in the country. It is considered that stock control order may increase availability of raw jute in the country as industrial units and traders will have to sell their excessive stocks within stipulated period.
Moloy Chandan Chakrabortty, Jute Commissioner under the Ministry of Textiles has issued a notification recently. As per the notification, Jute commissioner has determined stock limit under the provisions of Jute and Jute Textiles Control Order, 2016. The control order issued with immediate effect.
India's Ministry of Textiles has issued a jute stock control order to improve raw jute availability. Balers, traders, and mills must reduce excess stocks to set limitsâ€'1,500 quintals for balers, 300 quintals for traders, and two months' use for mills. Delayed monsoon has slowed sowing, raising prices to ₹6,800â€'7,200 per quintal, which is above the MSP of ₹5,650 per quintal.
Balers who are having raw jute bailing press in the same premises cannot hold more than specified quantity. Maximum quantity of raw jute is fixed at 1,500 quintals for bailers. The limit for traders, dealers, agencies, and stockists will be 300 quintals. Jute mills and manufacturing units of jute goods can hold raw jute of 2 months consumption.
Jute traders and industrial units cannot purchase fresh stock until they do not bring their stock below the limit. If they fail to comply the order, it will be punishable under the control order.
It is to be noted that jute sowing got delayed due to slow monsoon in jute growing districts of West Bengal. This may widen gap in demand and supply in July and August months. Raw jute prices have already shot up to ₹6,800-7,200 per quintal, which is already higher than the minimum support price of ₹5,650 per quintal.
Fibre2Fashion News Desk (KUL)
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