The Union Cabinet on Thursday sanctioned a proposal worth Rs 24,420 crore aimed at setting the rates for Nutrient-Based Subsidy (NBS) on phosphatic and potassic (P&K) fertilizers, and incorporating three new fertilizer grades into the NBS scheme for the Kharif season 2024 (from April to September this year).
According to an official statement released after the meeting, the scheme will guarantee the availability of fertilizers to farmers at subsidized, affordable, and fair prices.
This will additionally lead to a rationalization of subsidies on P&K fertilizers, taking into account recent trends in international fertilizer and input prices.
The inclusion of three new grades in NBS will support in promoting balanced soil health and offer alternatives to the framers to choose fertilisers fortified with micro-nutrients as per the soil requirement, the statement said.
The subsidy on P&K fertilisers will be pro- vided based on approved rates for Kharif 2024 (applicable from April 1, 2024 to September 30, 2024) to ensure smooth avail- ability of these fertilisers to the farmers at affordable prices.