Government Approves Rs 24,474.53 Crore Subsidy for Rabi Season Fertilizers

The government has approved a subsidy of Rs 24,474.53 crore for phosphatic and potassic (P&K) fertilizers for the rabi season of 2024-25. This measure, aimed at ensuring affordable crop nutrients for farmers, was sanctioned by the Union Cabinet led by Prime Minister Narendra Modi.

The government has sanctioned a subsidy of Rs 24,474.53 crore for phosphatic and potassic (P&K) fertilizers for the rabi season of 2024-25. This move aims to provide affordable crop nutrients to farmers, ensuring their cost of cultivation is reduced.

The Union Cabinet, chaired by Prime Minister Narendra Modi, has greenlit the Nutrient Based Subsidy (NBS) rates for P&K fertilizers for the rabi season spanning from October 2024 to March 2025.

An official statement revealed the estimated budgetary requirement would be around Rs 24,475.53 crore. Prime Minister Modi emphasized that this decision will maintain a continuous supply of fertilizers at affordable prices for farmers, aiding in reducing their farming expenditure.

Union Minister Jagat Prakash Nadda highlighted that this step not only ensures subsidized and reasonable fertilizer prices but also provides incentives for increased Rabi crop production.

The subsidy on P&K fertilizers, governed by the NBS scheme since April 1, 2010, is crucial in light of recent international price trends for key inputs like urea, DAP, MOP, and sulphur. The approved subsidy rates will help fertilizer companies offer these fertilizers to farmers at affordable prices.

(With inputs from agencies.)