Government Approves Rs 24,474 Crore Subsidy for Rabi Season Fertilizers

The Indian government has allocated a Rs 24,474.53 crore subsidy for phosphatic and potassic fertilizers for the Rabi season 2024-25. This move is aimed at making crop nutrients affordable for farmers. The subsidy, under the Nutrient Based Subsidy (NBS) scheme, will ensure the availability of 28 grades of fertilizers.

The Indian government approved a subsidy of Rs 24,474.53 crore on Wednesday for phosphatic and potassic (P&K) fertilizers for the Rabi season 2024-25. This decision aims to supply crop nutrients to farmers at affordable rates.

Chaired by Prime Minister Narendra Modi, the Union Cabinet has sanctioned the Nutrient Based Subsidy (NBS) rates for Rabi season 2024, effective from October 2024 to March 2025.

The move, with a tentative budgetary requirement of approximately Rs 24,475.53 crore, is designed to ensure the availability of fertilizers to farmers at subsidized, affordable, and reasonable prices. Under the NBS scheme, effective since April 1, 2010, 28 grades of P&K fertilizers will be made available through fertilizer manufacturers/importers.

Considering recent trends in international prices of fertilizers and inputs like urea, DAP, MOP, and sulphur, the government decided to approve these NBS rates. The subsidy will be provided to fertilizer companies according to the approved rates of nitrogen, phosphorus, and potash, thus making fertilizers affordable for farmers.

(With inputs from agencies.)