Union Cabinet today approved hike of 300 rupees per quintal in Minimum Support Price of raw jute for 2017-18 season taking it to a level of 3500 rupees. The decision will benefit the jute industry which supports the livelihood of 40 lakh farm families and provides direct employment to 3.7 lakh workers. These families are mainly concentrated in West Bengal, Bihar and Aasam. The Cabinet also approved setting up of Government e-Marketplace Special Purpose Vehicle (GeM SPV) for procurement of goods and services required by the Central and State government organizations. The new special purpose vehicle will work as an end to end marketplace for procurement of goods and services in a transparent and efficient manner. DGS and D will be wound up and it will cease to function by 31st of October this year.