The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal of the Ministry of Chemicals & Fertilizers for fixing the Nutrient Based Subsidy (NBS) rates for RABI Season, 2024 (from 01.10.2024 to 31.03.2025) on Phosphatic and Potassic (P&K) fertilizers.

The tentative budgetary requirement for Rabi season 2024 would be approximately Rs.24,475.53 crore.

Benefits:

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

Implementation Strategy and targets:

The subsidy on P&K fertilizers will be provided based on approved rates for Rabi 2024 (applicable from 01.10.2024 to 31.03.2025) to ensure smooth availability of these fertilizers to the farmers at affordable prices.

Backqround:

Government is making available 28 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 2024 effective from 01.10.24 to 31.03.25 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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MJPS/BM/SKS