Cabinet approves Nutrient Based Subsidy on fertilizers for Rabi season
The Nutrient Based Subsidy will be from 1st October 2023 to 31st March 2024 on Phosphatic and Potassium fertilizers
The Union Cabinet which is chaired by the Prime Minister Narendra Modi has approved a proposal from the Department of Fertilizers to fix the Nutrient Based Subsidy (NBS) rates on Phosphatic and Potassium (P&K) fertilizers for the 2023-24 Rabi season which goes on from the 1st of October 2023 to 31st of March 2024.
The government has approved subsidy of ₹22,303 crore for phosphatic and potassic (P&K) fertilisers. The subsidy for nitrogen will be ₹47.2 per kg, phosphorus will be ₹20.82 per kg, potash will be ₹2.38 per kg, and sulphur will be ₹1.89 per kg.
Union Minister Anurag Thakur in a press conference said, “Subsidy for the Rabi season from October 1, 2023 till March 31, 2024 will be like this. For the nitrogen, it will be Rs 47.2 per kilogram, phosphorus will be Rs 20.82 per kilogram, potash subsidy will be Rs 2.38 per kilogram and the Sulphur subsidy will be Rs 1.89 per kilogram.”
“The subsidy will continue because when international prices rise, the government does not want it to impact our farmers in the country. Subsidy on DAP will continue for Rs 4500 per ton. As far as the DAP, it will be available for Rs 1350 per bag as per the old rate. The NPK will be available at the price of Rs 1470 per bag,” Anurag Thakur added in the press conference.
This move to fix the NBS rates for the season will help in the availability of the fertilizers to the farmers at subsidised and affordable rates. Another benefit will be the rationalisation of subsidy on Phosphatic and Potassium fertilisers in view of the recent trends of international prices of fertilizers. Meanwhile, the government is looking to make 25 grades of P&K fertilizer available to the farmers at subsidised rates through fertilizer manufacturers and importers.
