The Union Cabinet, in a session held on Thursday, greenlit a proposal worth Rs 24,420 crore aimed at adjusting the Nutrient-Based Subsidy (NBS) rates for phosphatic and potassic (P&K) fertilisers. Additionally, the plan encompasses the incorporation of three new fertiliser grades into the NBS scheme for the upcoming Kharif season of 2024 (April to September).
According to an official statement released post the meeting, this scheme is devised to ensure the accessibility of fertilisers to farmers at subsidised, affordable, and reasonable prices. Moreover, it seeks to rationalise the subsidy on P&K fertilisers in light of recent fluctuations in international fertiliser prices and inputs.
The integration of three new grades into the NBS framework aims to promote balanced soil health and provide farmers with alternative fertiliser options fortified with micro-nutrients tailored to soil requirements.
Subsidies on P&K fertilisers will be provided based on approved rates for the Kharif 2024 season, effective from April 1, 2024, to September 30, 2024, to facilitate the seamless availability of these fertilisers to farmers at economical prices.
The government’s initiative encompasses making 25 grades of P&K fertilisers available to farmers at subsidised rates through fertiliser manufacturers/importers, aiming to bolster production and augment farmers’ incomes.
