New Delhi: On Wednesday, the government sanctioned a subsidy of Rs 24,474.53 crore for phosphatic and potassic (P&K) fertilisers during the rabi season of 2024-25 in order to guarantee farmers have access to affordable crop nutrients. The Nutrient Based Subsidy (NBS) rates for P&K fertilizers during the rabi season 2024 (from October 2024 to March 2025) have been approved by the Union Cabinet, led by Prime Minister Narendra Modi.
An official statement mentioned that the estimated budget needed for the 2024 rabi season would be around Rs 24,475.53 crore. Prime Minister Narendra Modi said in a recent X post that this measure will also lower the farming expenses for farmers. Modi stated that the rates of nutrient-based subsidy for the Rabi season of 2024 have been approved to make sure fertilizers are available to farmers at affordable prices. Jagat Prakash Nadda, Minister of Chemicals and Fertilizers, stated on X that this significant move will guarantee farmers access to subsidized fertilizers at fair prices, as well as offering motivation to boost Rabi crop yields.
The government is providing 28 different grades of P&K fertilizers to farmers at reduced prices through fertilizer manufacturers/importers. The NBS scheme governs the subsidy for P&K fertilizers starting on April 1, 2010. The government has decided to approve the NBS rates for Rabi 2024 on P&K fertilizers, taking into account the recent trends in international prices of fertilizers & inputs such as urea, DAP, MOP and sulphur. The fertilizers would be offered to farmers at affordable prices through subsidies given to fertilizer companies based on approved rates of nitrogen (N), phosphorus (P), and potash (K), as stated.
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