The Union Cabinet has granted approval for a subsidy amounting to Rs 24,420 crore on phosphatic and potassic (P&K) fertilizers for the forthcoming Kharif season, aiming to extend further support to farmers in accessing essential Phosphatic and Potassic fertilizers.
Union minister Anurag Thakur conveyed this development during a press conference on Thursday, confirming the subsidy allocation. The primary objective of this approval is to bolster farmers' access to vital Phosphatic and Potassic fertilizers.
"In a significant move, a nutrient-based subsidy totaling Rs 24,420 crore on P&K fertilizers has been sanctioned for the Kharif season, commencing from April 1 until September 30," stated Information and Broadcast (I&B) Minister Anurag Thakur.
Furthermore, Thakur emphasized that farmers will continue to benefit from the provision of DAP (Di-ammonium Phosphate) at the established rate of Rs 1,350 per quintal.
Led by Prime Minister Narendra Modi, the Union Cabinet endorsed the Department of Fertilisers' proposal to establish the Nutrient-Based Subsidy (NBS) rates for the Kharif Season 2024-25. These rates are slated to be effective from April 1 to September 30 for P&K fertilizers.
Thakur also divulged the subsidy rates for various fertilizers earmarked for the 2024 Kharif season, highlighting that the subsidy for Nitrogen (N) stands at Rs 47.02 per kg, phosphatic (P) at Rs 28.72 per kg, potassic (K) at Rs 2.38 per kg, and Sulphur (S) at Rs 1.89 per kg.
While the subsidy for phosphatic fertilizers has seen an increase to Rs 28.72 per kg from Rs 20.82 per kg in the preceding season, the subsidies for nitrogen (N), potassic (K), and Sulphur (S) remain unchanged.
"With this subsidy, DAP (Di-ammonium Phosphate), currently retailed at Rs 1350 per bag (50 kg), will persist at the same rate throughout the forthcoming 2024 Kharif season," affirmed the minister.
Moreover, Muriate of Potash (MoP) will maintain its pricing at Rs 1670 per bag, while NPK will be available at Rs 1470 per bag.
Additionally, in a bid to reduce dependency on imported DAP, the cabinet has greenlit the incorporation of three new fertilizer grades into the NBS scheme. This initiative ensures that fertilizer companies receive subsidies based on approved rates, thereby facilitating continued accessibility of fertilizers to farmers at reasonable prices.
