Union Cabinet Greenlights Rs 24,420 Crore Fertiliser Subsidy for Kharif Season 2024

The Union Cabinet approves a Rs 24,420 crore proposal for nutrient-based subsidy rates on phosphatic and potassic fertilisers for the upcoming Kharif season. Read more on the inclusion of new fertiliser grades and its impact on farmers.

Union Cabinet Greenlights Rs 24,420 Crore Fertiliser Subsidy for Kharif Season 2024
Union Cabinet Greenlights Rs 24,420 Crore Fertiliser Subsidy for Kharif Season 2024

National Desk, Feb 29: In a significant move aimed at bolstering agricultural productivity, the Union Cabinet has given the green light to a substantial Rs 24,420 crore fertiliser subsidy package for the forthcoming Kharif season of 2024. This decision, made during the latest cabinet meeting, underscores the government’s commitment to ensuring farmers’ access to essential agricultural inputs at subsidized rates.

The approved proposal focuses on fixing the Nutrient-Based Subsidy (NBS) rates specifically for phosphatic and potassic (P&K) fertilisers. Additionally, it entails the inclusion of three new fertiliser grades within the NBS scheme. These measures are poised to fortify soil health and provide farmers with diverse options to choose fertilisers fortified with micro-nutrients tailored to their soil requirements.

With an eye on stabilizing fertilizer prices amid fluctuating international markets, this move also promises a rationalization of subsidies on P&K fertilisers. By aligning subsidy rates with recent trends in international fertilizer prices and inputs, the government aims to ensure that farmers have access to these vital agricultural inputs at reasonable and affordable prices.

The subsidy on P&K fertilisers, based on approved rates for Kharif 2024, will be applicable from April 1, 2024, to September 30, 2024. This initiative is crucial for maintaining the smooth availability of fertilisers to farmers throughout the Kharif season, thereby supporting agricultural productivity and livelihoods.

Currently, the government facilitates the availability of 25 grades of P&K fertilisers to farmers at subsidized prices through fertiliser manufacturers and importers. This concerted effort is geared towards empowering farmers to enhance production and augment their earnings, thus contributing to the overall growth and sustainability of the agricultural sector.

In essence, the approval of this significant fertiliser subsidy package underscores the government’s steadfast commitment to supporting farmers and fostering agricultural development, particularly during crucial cropping seasons like Kharif.

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