(MENAFN- AsiaNet News) The Union Cabinet on Wednesday (October 25) has given its approval for a Rs 22,303-crore subsidy aimed at phosphatic and potassic (P&K) fertilisers, along with nutrient-based subsidy (NBS) rates for nitrogen, phosphorus, and potassium (NPK) fertilisers for the 2023-24 Rabi season, a move that comes in light of increasing international fertiliser prices. Union I&B Minister Anurag Thakur emphasized that the P&K fertiliser subsidy would be determined based on approved rates, ensuring the availability of these fertilisers at reasonable prices for farmers.
Thakur outlined the two-fold benefit of this cabinet decision. Firstly, it guarantees that P&K fertilisers remain available to farmers at subsidized and affordable rates during the ongoing Rabi season, which commenced this month. Secondly, it streamlines the subsidy for P&K fertilisers, making more efficient use of government resources.
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Under this approval, farmers will have access to nitrogen fertiliser at a subsidized rate of Rs 47.02 per kg, phosphorus fertiliser at Rs 20.82 per kg, and potassium fertiliser at Rs 2.38 per kg.
For the 2023-24 kharif season that concluded in September, the government had allocated a subsidy of Rs 38,000 crore. The NBS scheme, which governs the subsidy on P&K fertilisers, has been instrumental in ensuring that farmers have access to essential nutrients at subsidized rates since April 1, 2010.
During both rabi and kharif seasons, the government makes 25 grades of P&K fertilisers available to farmers at subsidized prices through fertilizer manufacturers or importers.
Thakur affirmed the government's commitment to providing P&K fertilisers to farmers at affordable prices, particularly in light of recent trends in international fertiliser prices. The NBS rates for Rabi 2023-24, effective from October 1, 2023, to March 31, 2024, for phosphatic and potassic (P&K) fertilisers have been approved and notified.
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The subsidy will be extended to fertilizer companies in line with the approved rates to ensure that farmers have access to these fertilisers at affordable prices.
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