Cabinet approves ₹24,420 crore fertilizer subsidy for 2024 kharif season
₹24,420 crore for phosphatic and potassic (P&K) fertilizers, adding three new grades to aid farmers and enhance the productivity of oilseeds and pulses. The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Department of Fertilizers' proposal to set nutrient-based subsidy (NBS) rates for the 2024-25 kharif sowing season, which runs from April to September, according to an official statement. “Despite rising prices of fertilizers in the global market, we have decided to keep the prices the same as the last season," said minister Anurag Thakur at a press briefing after the Cabinet meeting.
The minister said the subsidy on Nitrogen (N) has been fixed at ₹47.02 per kg, phosphatic (P) at ₹28.72 per kg, potassic (K) at ₹2.38 per kg and Sulphur (S) at ₹1.89 per kg for 2024 kharif season. The subsidy on phosphatic fertilisers has been increased to ₹28.72 per kg for the 2024 kharif season from ₹20.82 per kg in the 2023 rabi season. However, the subsidy on nitrogen (N), potassic (K) and Sulphur (S) has been kept unchanged for 2024 kharif season.
The subsidy on di-ammonium phosphate (DAP) will continue at ₹4,500 per tonne. As such, DAP-based fertilizers will be available for ₹1,350 per bag, while muriate of phosphate (MOP) fertilizers will be available for ₹1,670 a bag, and NPK (nitrogen, phosphorus and potassium) for ₹1,470 per bag. For the 2023-24 kharif season, a subsidy of ₹38,000 crore was announced.
The Union Budget for fiscal year 2024-25 (FY25) allocated ₹1.64 trillion for fertilizer subsidy, lower than the revised estimate of ₹1.88 trillion allotted for FY24. Though India is moving toward gaining self-sufficiency in urea, it still depends on imports to meet its rock phosphate demand. Rock phosphate is
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