No hike in fertilizer prices: Farmers to get over Rs.1 Lakh Cr subsidy
The government has decided to spend Rs. 1,08,000 crore towards fertiliser subsidy for the kharif season this year. Addressing media after the Union Cabinet meeting chaired by the Prime Minister Narendra Modi on May 17,
Chemicals and Fertilisers Minister Dr. Mansukh Mandaviya said, the prices of fertilizers will not be hiked and the farmers will continue to get the nutrient based fertilizers at the same cost they are getting as of now.
The Minister said, 70 thousand crore rupees is earmarked for Urea and 38 thousand crore rupees for DAP to provide fertiliser subsidy. He said, Indian farmers are getting fertiliser in less prices compared to other countries. He said, despite the hike in fertiliser prices at the global level last year, the government had provided the fertilisers at the affordable prices.
The Union Cabinet chaired by the Hon’ble Prime Minister Shri Narendra Modi, has approved the proposal of the Department of Fertilizers for revision in Nutrient Based Subsidy (NBS) rates for various nutrients i.e. Nitrogen (N), Phosphorus (P),Potash (K) and Sulphur (S) for Rabi Season 2022-23 (from 01.01.2023 to 31.03.2023) and approved NBS rates for Kharif Season, 2023 (from 1.4.2023 to 30.09.2023) for Phosphatic and Potassic (P&K) fertilizers.
The Subsidy on P&K fertilizers is governed by NBS Scheme w.e.f. 01.04.2010. Government has approved revision in the NBS rates for Rabi 2022-2023 effective from 01.01.23 to 31.03.2023 and approved the NBS rates for Kharif, 2023 (from 01.04.2023 to 30.09.2023) to make available 25 grades of Phosphatic and Potassic (P&K) fertilizers to farmers at subsidized prices.
Government will be providing a subsidy of Rs. 38,000 crores for the Kharif 2023 to fulfil its commitment of providing quality and subsidized P&K fertilizers to farmers.
The Cabinet decision will have the two-fold benefit of ensuring availability of DAP and other P&K fertilizers to farmers at subsidized, affordable and reasonable prices during Kharif season and will also ensure rationalization of subsidy on P&K fertilizers .