New Delhi: In a major move aimed at supporting farmers, the Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal of the Ministry of Chemicals & Fertilizers to fix the Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for the upcoming Rabi season 2024. This decision will apply to the period from October 1, 2024, to March 31, 2025.
The tentative budgetary requirement for this initiative is estimated at Rs. 24,475.53 crore, which will help ensure that farmers receive fertilizers at subsidized, affordable, and reasonable prices.
Benefits for Farmers:
- Affordable Fertilizers: The government’s approval will ensure that essential P&K fertilizers are made available to farmers at subsidized rates, thus helping them manage input costs effectively.
- Subsidy Rationalization: The subsidy will be rationalized in line with the recent international trends in fertilizer prices and inputs, allowing farmers to benefit from market fluctuations without suffering undue financial strain.
Implementation Strategy:
The subsidy on P&K fertilizers will be applied at approved rates during the Rabi season, ensuring a smooth and uninterrupted supply of these fertilizers to farmers. The government aims to maintain the affordability of these vital agricultural inputs, allowing farmers to focus on maximizing crop yields.