The Union Cabinet approved the Nutrient Based Subsidy (NBS) prices for the 2023–2024 Rabi season on Wednesday, approving them in a major decision that would affect Phosphatic and Potassic (P&K) fertilizers in particular. With this permission, farmers will be able to purchase fertilizers at prices that are “subsidized, economical, and fair.”
Anurag Thakur, the minister of information and broadcasting, said to the media during his briefing on the Cabinet’s decisions that a significant Rs 22,303 crore is expected to be spent as a consequence.
The following rates apply to the proposed subsidy scheme for the Rabi season, which runs from October 1, 2023, to March 31, 2024: There would be a subsidy of Rs 47.2 per kilogram for nitrogen, Rs 20.82 per kilogram for phosphorus, Rs 2.38 per kilogram for potash, and Rs 1.89 per kilogram for sulfur respectively.
Thakur also underlined how crucial it is that these subsidies continue, mainly as a safeguard against global price swings that might have a negative impact on our home agricultural community. Di-Ammonium Phosphate (DAP) will continue to be subsidized, guaranteeing that DAP will continue to be supplied at its prior price of Rs 1350 per bag. Additionally, the NPK fertilizer mix would be available for purchase at a cost of Rs 1,470 per bag.
The Cabinet’s decision is noteworthy because it aims to support the agricultural sector by providing farmers with essential fertilizers at costs that lessen their financial burden, therefore boosting agricultural production and national food security.
