The government on Wednesday approved a subsidy of Rs 24,474.53 crore on phosphate and potash (P&K) fertilisers for the rabi season of 2024-25 to ensure supply of nutrients to farmers at affordable prices.
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Nutrient Based Subsidy (NBS) rates for the rabi season 2024 (October 2024 to March 2025) on P&K fertilizers.
“The tentative budget requirement for the 2024 Rabi season would be approximately Rs 24,475.53 crore,” an official statement said.
The decision is aimed at ensuring availability of fertilizers to farmers at subsidized, affordable and reasonable prices.
The government is making 28 grades of P&K fertilizers available to farmers at subsidized prices through fertilizer manufacturers and importers.
The subsidy on P&K fertilizers is governed by the NBS scheme with effect from 1 April 2010.
“In view of the recent trends in international prices of fertilisers and inputs i.e. urea, DAP, MOP and sulphur, the government has decided to approve NBS rates for Rabi 2024 on P&K fertilisers,” the statement said.
The subsidy would be provided to fertilizer companies as per the approved and notified rates of N (nitrogen), P (phosphorus) and K (potash) so that fertilizers are available to farmers at affordable prices, he added.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 18, 2024 | 16:22 IS
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