Business

Centre announces ₹24,420 crore subsidy for summer crop fertilizers

The Centre is making 25 grades of P&K fertilizers available to farmers at subsidised prices.

The Centre is making 25 grades of P&K fertilizers available to farmers at subsidised prices. , Photo Credit: REUTERS

The Union Cabinet, on Thursday, approved the Nutrient Based Subsidy (NBS) rates for the upcoming Kharif season on Phosphatic and Potassic (P&K) fertilizers and to include three more fertilizer grades under the NBS scheme.

The Centre said tentative budgetary requirements for the scheme would be about ₹24,420 crore. The subsidy on Nitrogen (N) has been fixed at ₹47.02 per kilogram, phosphatic (P) at ₹28.72 per kg (₹20.82 per kg in 2023 rabi season), potassic (K) at ₹2.38 per kg, and Sulphur (S ) at ₹1.89 per kg, the Union Information and Broadcasting Minister Anurag Thakur told presspersons after the Cabinet meeting. The subsidy on nitrogen (N), potassic (K) and Sulphur (S) was the same in the 2023 rabi season too.

The Union Fertilizers Ministry said in a release that the decision will ensure the availability of fertilizers to farmers at subsidised, affordable and reasonable prices and rationalisation of subsidy on P&K fertilizers in view of recent trends in the international prices of fertilizers and inputs.

“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 release added. The Centre is making 25 grades of P&K fertilizers available to farmers at subsidised prices through manufacturers and importers.

Mr. Thakur said with this subsidy, DAP which is currently sold at ₹1,350 per bag (50 kg), will continue to be available at the same rate in the upcoming 2024 Kharif season. He said the rate of Muriate of Potash (MoP) will also remain unchanged at ₹1,670 per bag and the rate of NPK will be ₹1,470 per bag.

#Centre #announces #crore #subsidy #summer #crop #fertilizers

Leave a Comment