The Centre has hiked the minimum support price (MSP) for raw jute by Rs 100 a quintal to Rs 2,400 for the 2014-15 season. The Cabinet Committee on Economic Affairs on Thursday approved the higher MSP for TD-5 grade of jute at Rs 2,400, an official statement said. In order to incentivise farmers for production of higher grades, the premiums for TD-3 and TD-4 varieties will be maintained at 20 per cent and 8 per cent, respectively, in relation to the price of TD-5. The Jute Corporation of India will continue to act as the nodal agency to for price support operations.