Prime Minister Narendra Modi-led Cabinet on Thursday (February 29) approved Nutrient Based Subsidy rates for Kharif Season 2024 (from 1st April, 2024 to 30 September, 2024) on Phosphatic and Potassic fertilizers and the inclusion of 3 new fertilizer grades under the NBS scheme, Union Minister Anurag Thakur said. The government would also give a subsidy of Rs 24,420 crore on NBS-based nutrients, he said.
Briefing reporters, I&B Minister Anurag Thakur said, "A nutrient-based subsidy of Rs 24,420 crore on P&K fertilisers has been approved for the kharif season starting April 1 till September 30."
The minister said the subsidy on Nitrogen (N) has been fixed at Rs 47.02 per kg, phosphatic (P) at Rs 28.72 per g, potassic (K) at Rs 2.38 per kg and Sulphur (S) at Rs 1.89 per kg for 2024 kharif season, he said.
The subsidy on phosphatic fertilisers has been increased to Rs 28.72 per kg for the 2024 kharif season from Rs 20.82 per kg in the 2023 rabi season.
However, the subsidy on nitrogen (N), potassic (K) and Sulphur (S) has been kept unchanged for 2024 kharif season.
"With this subsidy, DAP (Di-ammonium Phosphate) which is sold currently at Rs 1350 per bag (50 kg), will continue to be available at the same rate in the upcoming 2024 Kharif season," the minister said.
He also said Muriate of Potash (MoP) will also continue to be available at Rs 1670 per bag, while NPK will be available at Rs 1470 per bag.
In order to reduce the import dependence on DAP, the cabinet also approved the inclusion of three 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.
(With PTI inputs)
