Eight core industries grow by 2% in September
The combined Index of Eight Core Industries (ICI) increased by 2% in September 2024 as compared to the Index in September 2023, the Ministry of Commerce and Industry said on Wednesday.
The Union Cabinet, chaired by Prime Minister Narendra Modi, today approved the proposal of the Department of Fertilizers for per Kilogram rates of nutrient-based subsidy (NBS) for various nutrients: nitrogen (N), phosphorus (P), potash (K), and sulphar (S) for phosphatic and potassic (P&K) fertilizers for Rabi Season 2022-23.
The subsidy approved by Cabinet for the NBS Rabi-2022 (from 01.10.2022 to 31.03.2023) will be Rs. 51,875 crores, including support for indigenous fertilizer (SSP) through freight subsidy.
This will enable the smooth availability of all P&K fertilizers to the farmers during Rabi 2022-23 at subsidised/affordable prices of fertilizers and support the agriculture sector. The volatility in the international prices of fertilizers and raw materials has been primarily absorbed by the Union Government.
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The government is making available fertilizers, namely Urea and 25 grades for P&K fertilizers to farmers at subsidised prices through fertilizer manufacturers/importers. The subsidy on P&K fertilizers is being governed by the NBS Scheme in force since April 2010.
In accordance with its farmer-friendly approach, the government is committed to ensuring the availability of P&K fertilizers to farmers at affordable prices. In view of a steep increase in the international prices of fertilizers & inputs i.e. Urea, DAP, MOP, and Sulphur, the government has decided to absorb the increased prices by increasing subsidies on P&K fertilizers, including DAP. The subsidy would be released to fertilizer companies as per approved rates so that they can make fertilizers available to farmers at an affordable price, an official note said.
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