Cabinet approves nutrient-based fertiliser subsidy for Rabi season at an outlay of Rs 22,303 cr
New Delhi: The Union Cabinet Wednesday approved the nutrient-based fertiliser subsidy rates for the 2023-24 Rabi season at a cost of Rs 22,303 crore to the government.
The approved subsidy rates for October 2023-March 2024 are as follows:
Rs 47.02 per kg for nitrogen
Rs 20.82 per kg for phosphorous
Rs 2.38 per kg for potash
Rs 1.89 per kg for sulphur
In the upcoming Rabi season 2023-24, an expenditure of Rs.22,303 crore is expected on NBS.
The subsidy on P&K fertilizers will be provided based on approved rates for Rabi 2023-24 (applicable from 01.10.2023 to 31.03.2024) to ensure the smooth availability of these fertilizers to the farmers at affordable prices.
This will ensure the availability of fertilizers to farmers at subsidized, affordable and reasonable prices.
It also allows rationalization of subsidy on P&K fertilizers in view of recent trends in the international prices of fertilizers and inputs, the Ministry of Chemicals and Fertilizers said.
The government is making available 25 grades of P&K fertilizers to farmers at subsidized prices through fertilizer manufacturers/importers.
The subsidy on P&K fertilizers is governed by the NBS Scheme applicable since 01.04.2010.
In accordance with its farmer-friendly approach, the Government is committed to ensuring the availability of P&K fertilizers to the farmers at affordable prices.
In view of the recent trends in the international prices of fertilizers and inputs i.e. Urea, DAP, MOP and Sulphur, the government has decided to approve the NBS rates for Rabi 2023-24 effective from 01.10.23 to 31.03.24 on Phosphatic and Potassic (P&K) fertilisers, the ministry said.
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, it added.
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