India's Fertiliser Import Bill Soars Amid Robust Agricultural Demand

India's fertiliser imports are projected to rise by 76% to a record $18 billion, driven by increased consumption due to heavy rains. Government officials report a surge in urea and DAP imports following favorable monsoon conditions that expanded crop areas for winter planting.

India is poised to see a significant increase in its fertiliser import bill, which is projected to reach a record $18 billion, marking a 76% increase from the previous year, according to government and industry sources. The surge comes in response to increased agricultural demands following robust monsoon rains that encouraged farmers to expand their planting areas.

Between April and December of the current fiscal year, fertiliser imports have already jumped by 71% compared to the same period last year, totalling $13.98 billion. The final quarter of the fiscal year, ending in March, is expected to witness a further influx of fertiliser shipments, costing an additional $4 billion, officials suggest.

This sharp rise in imports, particularly of urea and Diammonium Phosphate (DAP), is attributed to farmers capitalizing on favorable weather conditions that have boosted agricultural output. Increased rainfall during the monsoon season has led to enhanced sowing of winter crops, further driving the demand for fertilisers.

(With inputs from agencies.)