Union Cabinet approves NPK fertiliser subsidy for 2023-24 rabi season
₹22,303-crore subsidy for phosphatic and potassic (P&K) fertilisers and the nutrient-based subsidy (NBS) rates for nitrogen, phosphorus and potassium (NPK) fertilisers for the 2023-24 Rabi season amid rising international prices. In the previous rabi season, the cabinet approved a ₹51,875 crore NBS subsidy, including support for indigenous fertilizer (SSP) through a freight subsidy. The subsidy on P&K fertilizers will be based on approved rates to ensure adequate availability and affordable prices for farmers, Union I&B Minister Anurag Thakur said.
The cabinet's decision brings two significant benefits, he added. Firstly, it will ensure P&K fertilizers are available to farmers at affordable prices during the ongoing Rabi season that began this month. Secondly, it rationalizes the subsidy on P&K fertilizers, ensuring effective and efficient use of government resources.
“The cabinet decision will have the two-fold benefit of ensuring availability of P&K fertilizers to farmers at subsidized, affordable and reasonable prices during Rabi season and will also ensure rationalization of subsidy on P&K fertilizers," Thakur said. Farmers will get nitrogen fertiliser at a subsidised rate of ₹47.02 a kg, phosphorus fertiliser at ₹20.82 a kg, and potassium fertiliser at ₹2.38 a kg. The government had allocated a subsidy of ₹38,000 crore for the 2023-24 kharif season that ended in September.
Read more on livemint.com
