In a significant development, the Union Cabinet approved the Nutrient-Based Subsidy (NBS) rates for the upcoming Rabi season of 2023-24, with a specific focus on Phosphatic and Potassic (P&K) fertilizers. This approval is aimed at ensuring farmers’ access to fertilizers at subsidized, affordable, and equitable rates.
Information and Broadcasting Minister Anurag Thakur, addressing the media on the Cabinet’s decisions, highlighted that these determinations are expected to result in a significant expenditure of Rs 22,303 crore.
Under the proposed subsidy structure for the Rabi season, spanning from October 1, 2023, to March 31, 2024, the rates are as follows: Nitrogen will receive a subsidy of Rs 47.2 per kilogram, phosphorus will be subsidized at Rs 20.82 per kilogram, potash will benefit from a subsidy of Rs 2.38 per kilogram, and sulfur will be subsidized at Rs 1.89 per kilogram.
Thakur further emphasized that the continuity of these subsidies is of utmost importance, primarily as a protective measure against international price fluctuations that could negatively impact our domestic farming community. The subsidy on Di-Ammonium Phosphate (DAP) will be retained, ensuring that DAP remains available at its previous rate of Rs 1,350 per bag. Additionally, the NPK fertilizer blend will be accessible at the rate of Rs 1,470 per bag.
Notably, the Cabinet’s decision aims to strengthen the agricultural sector by providing essential fertilizers to farmers at prices that alleviate their financial burdens, thereby enhancing agricultural productivity and food security in the nation.
