Representative photo showing use of fertiliser.
Credit: iStock Photo
New Delhi: The government on Wednesday approved Rs 24,474.53 crore subsidy on phosphatic and potassic (P&K) fertilisers for the rabi season of 2024-25 to ensure supply of crop nutrients to farmers at affordable rates.
The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the Nutrient Based Subsidy (NBS) rates for rabi season 2024 (from October 2024 to March 2025) on P&K fertilizers.
"The tentative budgetary requirement for rabi season 2024 would be approximately Rs 24,475.53 crore," an official statement said.
The decision is aimed at ensuring the availability of fertilizers to farmers at subsidized, affordable and reasonable prices.
The government is making available 28 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 with effect from April 1, 2010.
"In view of the recent trends in the international prices of fertilizers & inputs i.e. urea, DAP, MOP and sulphur, government has decided to approve the NBS rates for Rabi 2024 on P&K fertilizers," the statement said.
The subsidy would be provided to the fertilizer companies as per approved and notified rates of N (nitrogen), P (phosphorus) and K (potash) so that fertilizers are made available to farmers at affordable prices, it added.