The Union Cabinet, under the leadership of Prime Minister Narendra Modi, has given its nod to the Department of Fertilizers' proposal to fix the Nutrient-Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers during the Rabi Season 2023-24, spanning from October 1, 2023, to March 31, 2024.
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For the upcoming Rabi season, the government is projected to allocate an estimated sum of Rs. 22,303 crores towards the NBS. This decision will see the subsidy for P&K fertilizers being provided in line with the approved rates for the Rabi 2023-24 season, a move aimed at ensuring that farmers have uninterrupted access to these essential fertilizers at affordable prices.
Subsidy Rates for Rabi Season 2023-24: Key Benefits
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Affordable Fertilizers for Farmers: This decision is expected to secure the availability of fertilizers for farmers at subsidized and reasonable prices, aligning with the government's commitment to supporting agriculture and the farming community.
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Rationalization of Subsidies: The decision to adjust the subsidy rates for P&K fertilizers takes into account recent trends in international fertilizer and input prices, ensuring a more balanced and efficient system.
The government has taken steps to make 25 different grades of P&K fertilizers accessible to farmers at subsidized rates through various fertilizer manufacturers and importers. Since April 1, 2010, the subsidy on P&K fertilizers has been governed by the Nutrient-Based Subsidy (NBS) Scheme. This farmer-centric approach aligns with the government's dedication to ensuring that P&K fertilizers remain within the financial reach of farmers.
In response to fluctuating international prices of fertilizers and inputs such as Urea, DAP, MOP, and Sulphur, the government has acted proactively by approving the NBS rates for Rabi 2023-24, which will be effective from October 1, 2023, to March 31, 2024, for Phosphatic and Potassic (P&K) fertilizers. This decision enables fertilizer companies to provide these essential agricultural inputs to farmers at affordable prices while maintaining the sustainability of the subsidy system.
This proactive decision by the Indian government is a significant step towards supporting the agricultural sector, ensuring the consistent availability of P&K fertilizers to farmers, and rationalizing subsidies in light of changing international market dynamics.
