The Union Cabinet, on Thursday, gave its approval to the proposal for Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for the Kharif season of 2024, along with the addition of three new fertilizer grades under the NBS scheme.
The estimated budgetary requirement for the Kharif season from April 1 to September 30, 2024, is approximately Rs 24,420 crore. Anurag Thakur, the Information and Broadcasting Minister, highlighted that ensuring the availability of fertilizers to farmers at subsidized, affordable, and reasonable prices is a priority.
The inclusion of three new grades in the NBS aims to promote balanced soil health and provide farmers with options for fertilizers fortified with micro-nutrients based on soil requirements. Subsidies on P&K fertilizers will be provided according to approved rates for Kharif 2024 to ensure their smooth availability to farmers at reasonable prices.
The government is committed to offering 25 grades of P&K fertilizers to farmers at subsidized rates through fertilizer manufacturers or importers, as governed by the NBS Scheme since April 1, 2010.
The decision to approve NBS rates for Kharif 2024 and include three new fertilizer grades aims to provide subsidies to fertilizer companies based on approved rates, ensuring the availability of fertilizers to farmers at affordable prices in alignment with the government’s farmer-friendly approach.