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LATEST NEWS UPDATES | Cabinet approves additional subsidy for P&K fertilisers -Zia Haq

Cabinet approves additional subsidy for P&K fertilisers -Zia Haq

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published Published on Nov 3, 2022   modified Modified on Nov 3, 2022

-Hindustan Times

The move will cushion prices of crop nutrients that are governed by the Centre’s nutrient-based subsidy (NBS) scheme

New Delhi: The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi on Wednesday approved an additional 51,875 crore subsidy for phosphatic and potassic (P&K) fertilisers for the rabi or winter-sown season, amid high global prices.

The move will cushion prices of crop nutrients that are governed by the Centre’s nutrient-based subsidy (NBS) scheme. Farmers grow a variety of winter-sown crops, which account for nearly half of India’s annual food output, including wheat, lentils, legumes, millets, vegetables and oilseeds, such as mustard.

Under the NBS policy, the government offers, on an annual basis, a fixed rate of subsidy per kg for crop nutrients containing nitrogen (N), phosphate (P), potash (K) and sulphur (S).

The latest tranche for the winter-sown season, which runs from October to March, will add to the government’s record estimated full-year (2022-23) fertiliser subsidy bill of 2.5 lakh crore. It is also substantially higher than the previous season’s 28,655 crore subsidy for P&K fertilisers, mainly on account of rising global prices of inputs.

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Hindustan Times, 3 November, 2022, https://www.hindustantimes.com/india-news/cabinet-approves-additional-subsidy-for-p-k-fertilisers-101667416774782.html


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