Cabinet approves Rs 1.08 lakh crore fertiliser subsidy for Kharif season
May 17, 2023
New Delhi [India], May 17 : The government will not increase the price of fertilisers and will spend Rs 70,000 crores for urea and Rs 38,000 crores for Di-ammonium Phosphate (DAP), Union Minister Mansukh Mandaviya said on Wednesday.
He said the union Cabinet at its meeting on Wednesday has approved Rs 1.08 lakh crore fertiliser subsidy for the Kharif season
"Cabinet has decided government will not increase the price of fertiliser. Cabinet has approved Rs 1.08 lakh crore fertiliser subsidy for the Kharif season. The government will spend Rs 70,000 crore for urea and Rs 38,000 crore for Di-ammonium Phosphate (DAP)," Mandaviya said at a media briefing on the decisions of the union cabinet.
The Union Chemicals and Fertilizers said India's annual requirement for urea is 325-350 lakh MT.
"It is essential for our government that farmers in the country can get fertiliser on time and do not have to bear the burden whenever there is a variation in the price of fertiliser in the international market. Last year, the government budget spent Rs 2.56 lakh crore for fertiliser subsidy," Mandaviya said.
The Union Cabinet also approved the Production Linked Incentive (PLI) scheme for IT Hardware with a budgetary outlay of Rs 17,000 crore.
