Cabinet Approves Nutrient-Based Subsidy Rates for Rabi Season 2023-24 on P&K Fertilizers

In a recent development aimed at bolstering agricultural productivity and supporting Indian farmers, the Union Cabinet, led by Prime Minister Shri Narendra Modi, has given the green light to the proposal set forth by the Department of Fertilizers. The proposal entails the determination of Nutrient-Based Subsidy (NBS) rates for the upcoming Rabi Season, which spans from October 1, 2023, to March 31, 2024, for Phosphatic and Potassic (P&K) fertilizers.

With the upcoming Rabi season on the horizon, the government has earmarked an expenditure of Rs. 22,303 crore to subsidize the cost of P&K fertilizers. These subsidies will play a pivotal role in making these essential nutrients more accessible to the farming community.

The approved NBS rates for Rabi Season 2023-24 (from 01.10.2023 to 31.03.2024) are as follows:

Nitrogen (N): Rs. 47.02 per kilogram

Phosphorus (P): Rs. 20.82 per kilogram

Potassium (K): Rs. 2.38 per kilogram

Sulphur (S): Rs. 1.89 per kilogram

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The objective of these subsidies is to ensure the availability of fertilizers to farmers at affordable and reasonable prices. By setting these rates, the government seeks to provide crucial support to the agriculture sector and alleviate the financial burden on farmers.

The decision to rationalize the subsidy on P&K fertilizers is a response to the prevailing international prices of fertilizers and inputs. The government recognizes the need to adapt to these market dynamics and to keep fertilizers, particularly Phosphatic and Potassic (P&K) fertilizers, within the reach of Indian farmers. This commitment aligns with the government's overarching goal of making agriculture a more sustainable and profitable enterprise for the farming community.

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Under the government's farmer-friendly approach, 25 grades of P&K fertilizers are made available to farmers at subsidized prices through fertilizer manufacturers and importers. The Nutrient-Based Subsidy (NBS) Scheme, initiated on April 1, 2010, governs these subsidies, ensuring that farmers have access to essential nutrients required for crop production. By approving NBS rates for Rabi Season 2023-24 effective from October 1, 2023, to March 31, 2024, the government intends to extend its support to the farming community while keeping an eye on international fertilizer prices and inputs such as Urea, DAP, MOP, and Sulphur.

These measures aim to promote agricultural growth, enhance crop yield, and maintain food security in the country. The government's unwavering commitment to providing affordable and accessible fertilizers to farmers plays a pivotal role in fortifying India's agricultural sector and bolstering the livelihoods of millions of farmers across the nation.

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