Under the chairmanship of Prime Minister Narendra Modi, the Central Cabinet has taken a significant decision in favor of farmers. Accordingly, the Department of Fertilizers' proposal to set nutrient-based subsidy (NBS) rates for phosphatic and potassic (P&K) fertilizers for the Rabi season 2023-24 (from October 1, 2023, to March 31, 2024) has been approved. The government anticipates an expenditure of INR 22,303 crores from the government treasury for nutrient-based subsidies in the Rabi season 2023-24. These subsidies on phosphatic and potassic fertilizers will be provided based on approved rates for the Rabi season 2023-24, ensuring the availability of these fertilizers to farmers at affordable prices.
In essence, the government is making 25-grade P&K fertilizers available to farmers at affordable rates through fertilizer manufacturers/importers. Subsidies on P&K fertilizers have been in place under the NBS scheme since April 1, 2010. Taking into account recent trends in international prices of fertilizers and related materials, including urea, DAP, MOP, and sulfur, the government has decided to approve effective NBS rates for phosphatic and potassic (P&K) fertilizers from October 1, 2023, to March 31, 2024, for the Rabi season 2023-24. Fertilizer companies will be provided with subsidies based on approved and scheduled rates, ensuring that farmers have access to fertilizers at reasonable prices.
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