Govt Approves Rs 24,420 Crore Subsidy For P&K Fertilisers For Kharif Season
The Union Cabinet, chaired by PM Modi, gave the nod to the proposal of the Department of Fertilisers for fixing the Nutrient-Based Subsidy (NBS) rates for the kharif season 2024-25 on P&K fertilisers.
The centre made a significant announcement on Thursday, announcing a subsidy of Rs 24,420 crore on Phosphatic and Potassic (P&K) fertilisers for the kharif season, affirming that farmers would continue to receive DAP, a crucial soil nutrient, at Rs 1,350 per quintal.
In addition to DAP (Di-ammonium Phosphate), the government asserted that retail prices of other major P&K fertilisers would remain stable.
The Union Cabinet, chaired by Prime Minister Narendra Modi, gave the nod to the proposal of the Department of Fertilisers for fixing the Nutrient-Based Subsidy (NBS) rates for the kharif season 2024-25 (April 1 to September 30) on P&K fertilisers.
During a press briefing, I&B Minister Anurag Thakur said, "A nutrient-based subsidy of Rs 24,420 crore on P&K fertilisers has been approved for the kharif season starting April 1 till September 30."
The minister said the subsidy on Nitrogen (N) has been fixed at Rs 47.02 per kg, phosphatic (P) at Rs 28.72 per g, potassic (K) at Rs 2.38 per kg, and Sulphur (S) at Rs 1.89 per kg for 2024 kharif season, he said, as per PTI.
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Notably, the subsidy on phosphatic fertilisers has been raised to Rs 28.72 per kg for the 2024 kharif season from Rs 20.82 per kg in the 2023 rabi season. However, the subsidy on nitrogen (N), potassic (K), and Sulphur (S) remain unchanged for the 2024 kharif season.
"With this subsidy, DAP which is sold currently at Rs 1,350 per bag (50 kg), will continue to be available at the same rate in the upcoming 2024 Kharif season," the minister further said.
He also informed that Muriate of Potash (MoP) would also remain available at Rs 1,670 per bag, while NPK would be accessible at Rs 1,470 per bag, according to PTI.
Inclusion Of Three New Fertiliser Grades
To diminish import dependence on DAP, the cabinet approved the inclusion of three new fertiliser grades under the NBS scheme. The subsidy will be extended to the fertiliser companies as per approved and notified rates so that fertilisers are made available to farmers at affordable prices.
The government is providing 25 grades of P&K fertilisers to farmers at subsidised prices through fertiliser manufacturers/importers. The subsidy on P&K fertilisers has been governed by the NBS scheme since 2010.
In line with the farmer-friendly approach, the government is dedicated to ensuring the availability of P&K fertilisers to the farmers at affordable prices, the minister added.
According to official data, the government has allocated nearly Rs 1.71 lakh crore as fertiliser subsidy until January of this fiscal year. For the 2024-25 fiscal, the government has allocated fertiliser subsidy of Rs 1.64 lakh crore as compared to the revised estimates of Rs 1.89 lakh crore for the ongoing financial year.
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