The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the proposal of the Department of Fertilizers for fixing the Nutrient Based Subsidy (NBS) rates for Rabi Season 2023-24 (from 01.10.2023 to 31.03.2024) on Phosphatic and Potassic (P&K) fertilizers.

In the upcoming Rabi season 2023-24, an expenditure of Rs.22,303 crore is expected on NBS.

The subsidy on P&K fertilizers will be provided based on approved rates for Rabi 2023-24 (applicable from 01.10.2023 to 31.03.2024) to ensure smooth availability of these fertilizers to the farmers at affordable prices.

Benefits:

1. The availability of fertilizers to farmers at subsidized, affordable and reasonable prices will be ensured.
2. Rationalization of subsidy on P&K fertilizers in view of recent trends in the international prices of fertilizers and inputs.

Background:

Government is making available 25 grades of P&K fertilizers to farmers at subsidized prices through fertilizer manufacturers/importers. The subsidy on P&K fertilizers is governed by NBS Scheme w.e.f 01.04.2010. In accordance with its farmer friendly approach, the Government is committed to ensure the availability of P&K fertilizers to the farmers at affordable prices. In view of the recent trends in the international prices of fertilizers & inputs i.e. Urea, DAP, MOP and Sulphur, Government has decided to approve the NBS rates for Rabi 2023-24 effective from 01.10.23 to 31.03.24 on Phosphatic and Potassic (P&K) fertilizers. The subsidy would be provided to the fertilizer companies as per approved and notified rates so that fertilizers are made available to farmers at affordable prices.

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DS/SKS