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JCIL meaning in Business ? |
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Answer» What is Jute Corporation of India Limited mean? The Jute Corporation of India Limited (JCI) was incorporated by the Government Of India in 1971 as a price support agency with a clear mandate for the procurement of raw jute / mesta without any quantitative limit from the growers at the minimum Support price (MSP) declared in each year by the Government Of India based on the recommendations made by Commission for Agricultural Cost & Prices (CACP). This protects the jute growers from exploitations in the hands of the middle men. The basic objective is not profit making but a social cause to protect the interest of about 4.00 million families engaged in farming of jute, most of whom are small / marginal farmers. Therefore, the presence of JCI in the market provide stability in the raw jute prices. reference
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