Related Keywords: adverse impact on the subsidised procurement, Center fixes temporary revised ceiling price, cost plus formula, fifty kg foodgrain sacking procurement, normally fixed every month, on previous three months moving average price of raw jute, power and labour, price of jute sacking based on, stop price manipulation of jute bags, unfair practice
The Centre has temporarily fixed a revised ceiling price for 50 kg foodgrain sackings procurement to stop price manipulation of jute bags. According to sources, the price of jute sackings, which is based on a cost plus formula, is normally fixed every month on the previous three months’ moving average price of raw jute and other cost such as power and labour.
However, it is alleged that the “malpractices of handful of mills” saw the raw jute prices soar since the second half of November.
