Cabinet approves Nutrient Based Subsidy rates for P&K fertilisers
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.
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.
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.