Govt Announces No Price Increase for Fertilizers, Approves Rs 1.08 Lakh Crore Fertilizer Subsidy

The Indian government has decided against increasing the prices of fertilizers and will allocate Rs 70,000 crores for urea and Rs 38,000 crores for Di-ammonium Phosphate (DAP), announced Union Minister Mansukh Mandaviya. In a media briefing regarding the union cabinet's decisions, Mandaviya revealed that the cabinet has approved a total fertilizer subsidy of Rs 1.08 lakh crore for the upcoming Kharif season.

The annual requirement for urea in India is estimated to be between 325 and 350 lakh metric tons, as reported by Union Chemicals and Fertilizers. Mandaviya emphasized the government's commitment to ensuring that farmers can access fertilizers in a timely manner without bearing the burden of price fluctuations in the international market.

He further stated that in the previous year, the government allocated Rs 2.56 lakh crore for fertilizer subsidies, underscoring the significance of supporting the agricultural sector through affordable access to fertilizers.

In addition to the fertilizer subsidy, the Union Cabinet also approved the Production Linked Incentive (PLI) scheme for IT Hardware, which will receive a budgetary outlay of Rs 17,000 crore. The PLI scheme aims to boost the production and export of IT hardware, encouraging domestic manufacturing and enhancing India's self-reliance in the sector.

Also Read: Indian Government Approves Revised Nutrient Based Subsidy Rates for Phosphatic & Potassic Fertilizers

The government's decision to maintain stable fertilizer prices will provide relief to farmers and support their agricultural activities, ensuring the availability of essential inputs for crop production. By allocating substantial funds for fertilizer subsidies, the government acknowledges the importance of this sector in achieving agricultural growth and food security.

The commitment to providing affordable fertilizers and ensuring timely availability aligns with the government's vision of empowering farmers and strengthening the agricultural sector. These measures reflect the government's unwavering support for farmers and its dedication to their welfare.

Also Read: Fertilizer Flying Squads to Combat Diversion of Agriculture-Grade Urea

The approval of the PLI scheme for IT Hardware further emphasizes the government's focus on promoting domestic manufacturing and enhancing India's competitiveness in the global market. This initiative will boost the growth of the IT hardware sector, create employment opportunities, and contribute to the country's economic development.

The government's decisive actions in the agriculture and IT sectors reaffirm its commitment to fostering an inclusive and self-reliant economy. These measures will play a crucial role in driving the nation's progress and ensuring a prosperous future for farmers and the IT industry alike.

Source-ANI

Also Read: DRONAI: IFFCO to Promote Nano Fertilizers Using Drone & Artificial Intelligence Technologies