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Cabinet approves Nutrient Based Subsidy rates for P&K fertilisers

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Google Oneindia News

New Delhi, Nov 02: The Union Cabinet, chaired by the Prime Minister Narendra Modi on Wednesday has approved nutrient-based subsidy rates for phosphatic & potassic fertilisers for phosphatic and potassic fertilisers for Rabi season 2022-23 from 1st October, 2022 to 31st March, 2023.

Nutrient-based subsidy approved by Cabinet for 2022 period will cost Rs 51,875 crore, including support for indigenous fertiliser through freight subsidy, says government.

Cabinet approves Nutrient Based Subsidy rates for P&K fertilisers

This will enable smooth availability of all P&K fertilizers to the farmers during Rabi 2022-23 at the subsidized / affordable prices of fertilizers and support the agriculture sector. The volatility in the international prices of fertilizers and raw materials has been primarily absorbed by the Union Government.

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Government is making available fertilizers, namely Urea and 25 grades for P&K fertilizers to farmers at subsidized prices through fertilizer manufacturers/importers. The subsidy on P&K fertilizers is being governed by NBS Scheme w.e.f. 01.04.2010. In accordance with its farmer friendly approach, the Govt. is committed to ensure the availability of P&K fertilizers to the farmers at affordable prices. In view of steep increase in the international prices of fertilizers & inputs i.e. Urea, DAP, MOP and Sulphur, Government has decided to absorb the increased prices by increasing subsidy on P&K fertilizers including DAP. The subsidy would be released to fertilizer companies as per approved rates so that they can make fertilizers available to farmers at an affordable price.

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