Govt approves Rs24,475 cr subsidy on P&K fertilisers for 2024-25 rabi season

New Delhi: The government on Wednesday approved Rs 24,474.53 crore subsidy on phosphatic and potassic (P&K) fertilisers for the rabi season of 2024-25 to ensure supply of crop nutrients to farmers at affordable rates. The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the Nutrient Based Subsidy (NBS) rates for rabi season 2024 (from October 2024 to March 2025) on P&K fertilizers. "The tentative budgetary requirement for rabi season 2024 would be approximately Rs 24,475.53 crore," an official statement said.

Prime Minister Narendra Modi in a post on X stated: "This step will also reduce the cost of cultivation for farmers". "To ensure continuous supply of fertilizers to our farmer brothers and sisters at affordable rates, we have approved the rates of nutrient-based subsidy for the Rabi season of 2024," Modi said. Union Minister of Chemicals and Fertilizers Jagat Prakash Nadda in a post on X said that this important decision will ensure the availability of fertilizers to farmers at subsidized and reasonable prices, besides providing incentive for increasing Rabi crop production.

The government is making available 28 grades of P&K fertilizers to farmers at subsidized prices through fertilizer manufacturers/importers. The subsidy on P&K fertilizers is governed by the NBS scheme with effect from April 1, 2010. "In view of the recent trends in the international prices of fertilizers & inputs i.e. urea, DAP, MOP and sulphur, government has decided to approve the NBS rates for Rabi 2024 on P&K fertilizers," the statement said. The subsidy would be provided to the fertilizer companies as per approved and notified rates of N (nitrogen), P (phosphorus) and K (potash) so that fertilizers are made available to farmers at affordable prices, it added.