The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the proposal of the Department of Fertilizers for fixing the Nutrient Based Subsidy (NBS) rates for KHARIF Season, 2024 (from 01.04.2024 to 30.09.2024) on Phosphatic and Potassic (P&K) fertilizers and inclusion of 3 new fertilizer grades under NBS scheme. The tentative budgetary requirement for Kharif season 2024 would be approximately Rs.24,420 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.
- Inclusion of three new grades in NBS will support in promoting balanced soil health and offer alternatives to the framers to choose fertilizers fortified with micro-nutrients as per the soil requirement.
Implementation Strategy and targets:
The subsidy on P&K fertilizers will be provided based on approved rates for Kharif 2024 (applicable from 01.04.2024 to 30.09.2024) to ensure smooth availability of these fertilizers to the farmers at affordable prices.
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 Kharif 2024 effective from 01.04.24 to 30.09.24 on Phosphatic and Potassic (P&K) fertilizers. Government has also decided to include 3 new Fertilizer grades under the NBS scheme. 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.