Cabinet approves Rs 24,420 crore subsidy for Phosphatic and Potassic fertilizers for Kharif season
Feb 29, 2024
New Delhi [India], February 29 : The Union Cabinet on Thursday approved the proposal for Nutrient Based Subsidy rates for Kharif season 2024 on Phosphatic and Potassic (P&K) fertilizers and inclusion of three new fertilizer grades under NBS scheme.
The tentative budgetary requirement for Kharif season (from April 1 to September 30) 2024 would be approximately Rs 24,420 crore.
Briefing about decisions of the union cabinet, Information and Broadcasting Minister Anurag Thakur said availability of fertilizers to farmers at subsidized, affordable and reasonable prices will be ensured.
He said inclusion of three new grades in NBS will support in promoting balanced soil health and offer alternatives to the framers to choose fertilizers fortified with micro-nutrients as per the soil requirement.
The subsidy on P&K fertilizers will be provided based on approved rates for Kharif 2024 to ensure smooth availability of these fertilizers to the farmers at affordable prices.
The release said the government is making available 25 grades of P&K fertilizers to farmers at subsidized prices through fertilizer manufacturers or importers.
The subsidy on P&K fertilizers is governed by NBS Scheme with effect from April 1, 2010.
The release said the Government is committed to ensure the availability of P&K fertilizers to the farmers at affordable prices in accordance with its farmer friendly approach.
"In view of the recent trends in the international prices of fertilizers and inputs i.e. Urea, DAP, MOP and Sulphur, Government has decided to approve the NBS rates for Kharif 2024 on Phosphatic and Potassic (P&K) fertilizers. Government has also decided to include 3 new Fertilizer grades under the NBS scheme. The subsidy would be provided to the fertilizer companies as per approved and notified rates so that fertilizers are made available to farmers at affordable prices," the release said.
