New Delhi: The Union Cabinet on Wednesday (October 25) approved subsidy worth Rs 22,303 crore on P&K fertilisers for the current Rabi season to ensure that the Indian farmers are not affected by the rising prices of fertilisers in the international market.
Union Minister Anurag Thakur informed in a press briefing after the Cabinet meeting.
The nutrient-based subsidy rates (NBS) on the fertilisers has been increased for various nutrients, like nitrogen, phosphorous, potash and sulphur from October 1, 2023 to March 31, 2024.
What did the Minister say?
“Subsidy for the Rabi season from 1st October 2023 till 31st March 2024 will be like this. For the nitrogen, it will be Rs 47.2 per Kg, phosphorus will be Rs 20.82 per Kg, potash subsidy will be Rs 2.38 per Kg. And the Sulphur subsidy will be Rs 1.89 per Kg. The subsidy will continue because when international prices rise, the government does not want it to impact our farmers in the country... Subsidy on DAP will continue for Rs 4500 per ton. As far as the DAP will be available for Rs 1350 per bag as per the old rate. The NPK will be available at the price of Rs 1470 per bag,” Thakur said.
The Minister said di-ammonium phosphate will continue to be sold at the old rate of Rs 1,350 per bag, while for Muriate of Potash (MoP) the rate will go down.
When asked about the reduction in per kg subsidy rate of N, P, K and S, he said the international prices of finished products and raw materials have come down slightly, but it is still high, and therefore, the government is providing subsidies to maintain the old rate.
Thakur said the fertilisers subsidy stood at nearly Rs 2.55 lakh crore in the last fiscal as against around Rs 73,000 crore in 2014-15.
