Bangladesh’s earnings from exports of jute and jute goods in the first seven months of the current fiscal rose 17.36 per cent from the corresponding period in the previous fiscal year. The country has undertaken various projects such as conducting more research, formulating new regulations, reforming jute mills, and imposing an eco-tax on polythene to encourage people to use jute products. A memorandum of understanding has been signed with a Chinese company for modernization of three jute mills.
Jute is called the golden fiber of Bangladesh. It is in demand in around 60 countries. The country has taken special measures to produce quality jute and diversify jute products. Along with extending policy support, cash incentives have been increased for diversification of jute products.
Thousands of jobs have been created by small and medium jute mills. Jute production has increased from 65 lakh bales in 2014 to 70 lakh bales last year. A rule has made jute use mandatory in goods packaging. More than 100 crore sacks were additionally produced due to the rule and entrepreneurs expanded their export base by increasing the types of jute goods from 135 last year to 240 this year. There is a 20 per cent subsidy for diversification.