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

The Union Cabinet, headed by Prime Minister Shri Narendra Modi, has given its nod to the Department of Fertilizers' proposal for the revision of Nutrient Based Subsidy (NBS) rates for various nutrients, including Nitrogen (N), Phosphorus (P), Potash (K), and Sulphur (S). The revised rates will be applicable for the Rabi Season 2022-23 (from January 1, 2023, to March 31, 2023). Additionally, the Cabinet has also approved the NBS rates for the upcoming Kharif Season, 2023 (from April 1, 2023, to September 30, 2023) for Phosphatic and Potassic (P&K) fertilizers.

Under the NBS Scheme implemented on April 1, 2010, subsidies on P&K fertilizers are regulated. The government's recent decision to revise the NBS rates aims to make 25 grades of Phosphatic and Potassic fertilizers available to farmers at subsidized prices, ensuring affordable and reasonable access during the Kharif season.

To fulfill its commitment to providing quality P&K fertilizers at subsidized rates, the government has allocated a subsidy of Rs. 38,000 crores for the Kharif season of 2023. This substantial financial support will enable farmers to procure fertilizers at affordable prices, facilitating their agricultural practices.

The Cabinet's decision brings a two-fold benefit for the farming community. Firstly, it ensures the availability of Diammonium Phosphate (DAP) and other P&K fertilizers to farmers during the Kharif season. By making these essential agricultural inputs accessible at subsidized rates, the government aims to support farmers in maximizing their crop yields and enhancing productivity.

Secondly, the revision in subsidy rates for P&K fertilizers promotes the rationalization of subsidies. This move streamlines the subsidy distribution process, making it more efficient and transparent, and effectively utilizing government funds to benefit the farming community.

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The government's commitment to providing subsidized P&K fertilizers reaffirms its dedication to the welfare of farmers and the overall growth of the agricultural sector. By ensuring access to affordable fertilizers, farmers can adopt sustainable farming practices and contribute to the nation's food security.

The revised NBS rates for P&K fertilizers mark a significant step in empowering farmers with the necessary resources to achieve higher agricultural productivity. The government's focus on improving the availability and affordability of agricultural inputs demonstrates its resolve to support the farming community and promote the development of the agricultural sector as a whole.

Source-PIB

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