The Central Government, under the leadership of Prime Minister Narendra Modi, has approved nutrient-based subsidy (NBS) rates for phosphatic and potassic fertilizers for the upcoming Rabi crop season 2024-25.
To ensure that farmers receive fertilizers at affordable prices during the Rabi season, the government has decided to provide NBS subsidies on fertilizers, with an estimated budgetary requirement of approximately INR 24,475 crore. With the Kharif crops almost ready for harvest and the Rabi season set to begin in October, this decision will help farmers acquire the necessary fertilizers for sowing wheat and other Rabi crops.
The Union Cabinet, chaired by Prime Minister Modi, has approved the NBS subsidy rates for phosphatic and potassic fertilizers for the Rabi season 2024-25, from October to March. The Cabinet has greenlit the proposal from the Ministry of Chemicals and Fertilizers, which aims to meet the fertilizer needs of farmers. For this Rabi season, the provisional budgetary requirement is approximately INR 24,475.53 crore. This initiative will ensure that farmers have access to affordable and reasonably priced fertilizers. Additionally, the subsidy will be rationalized considering the international prices of phosphatic and potassic fertilizers.
The Central Government will provide 28 grades of phosphatic and potassic fertilizers to farmers at subsidized rates through fertilizer manufacturers and importers. Since 2010, the NBS scheme has regulated subsidies for P&K fertilizers. In the interest of farmers, the government continues to make phosphatic and potassic fertilizers available at low prices.
Considering the recent trends in international prices of fertilizers such as urea, DAP, MOP, and sulfur, the government has decided to approve the NBS subsidy rates for phosphatic and potassic (P&K) fertilizers, effective from October 1, 2024, to March 31, 2025. Fertilizer companies will be provided subsidies based on the approved and notified rates, ensuring that farmers receive fertilizers at affordable prices during the Rabi season.
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