Cabinet approves Rs. 51,875 crore (US$ 6.26 billion) subsidy for P&K fertilisers for rabi season
- IBEF
- November 3, 2022
The government granted a subsidy of Rs. 51,875 crore (US$ 6.26 billion) for phosphatic and potassium (P&K) fertilisers for the second half of 2022-23 as part of efforts to supply farmers with inexpensive soil nutrients. According to an official release, the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Mr. Narendra Modi approved nutrient-based subsidy (NBS) rates for P&K fertilisers for the 2022-23 rabi season.
According to the CCEA, a subsidy of Rs. 98.02 (US$ 1.18) per kg of nitrogen (N), Rs. 66.93 (US$ 0.81) per kg of phosphorus (P), Rs. 23.65 (US$ 0.29) per kg of potash (K), and Rs. 6.12 (US$ 0.074) per kg of sulphur (S) has been authorised. This would ensure that all P&K fertilisers are available to farmers at subsidised or reasonable pricing during the rabi season, thereby supporting the agriculture sector, according to the statement.
In April, the government granted a subsidy of Rs. 60,939.23 crore (US$ 7.36 billion) for P&K fertilisers for the first six months (kharif season) of the current fiscal year. The government used to publish an annual fixed rate of subsidy on nutrients such as nitrogen, phosphate, potash, and sulphur under the system. It is currently, however, announced on a biannual basis.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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