The central government on Wednesday approved a subsidy of Rs 24,474.53 crore on phosphatic and potassic (P&K) fertilisers for the 2024-25 rabi season, aiming to ensure farmers have access to affordable crop nutrients. The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Nutrient Based Subsidy (NBS) rates for P&K fertilizers for the rabi season, which runs from October 2024 to March 2025.
“The tentative budgetary requirement for the rabi season 2024 will be approximately Rs 24,475.53 crore,” according to an official statement.
Prime Minister Modi, in a post on X, said, “This step will also reduce the cost of cultivation for farmers. To ensure continuous supply of fertilisers to our farmer brothers and sisters at affordable rates, we have approved the rates of nutrient-based subsidy for the Rabi season of 2024.”
Union Minister of Chemicals and Fertilisers Jagat Prakash Nadda echoed this, saying that the decision will ensure the availability of fertilizers at subsidized and reasonable prices, providing an incentive for increased Rabi crop production.
Under the NBS scheme, which has been in place since April 1, 2010, the government is offering 28 grades of P&K fertilizers at subsidized prices through manufacturers and importers. The subsidy will be provided to these companies based on the approved rates of nitrogen (N), phosphorus (P), and potash (K), ensuring affordable access for farmers. The decision also factors in recent international price trends of key fertiliser inputs, including urea, DAP, MOP, and sulfur.