The proposal was shared by the Ministry of Chemicals & Fertilizers for fixing NBS rates for the Rabi Season from October 1, 2024 to March 31, 2025.
(Representational Image: iStock)
The Union Cabinet has approved the proposal for fixing the Nutrient-Based Subsidy (NBS) rates for the Rabi Season 2024 on Phosphatic and Potassic (P&K) fertilizers.
The proposal was shared by the Ministry of Chemicals & Fertilizers for fixing NBS rates for the Rabi Season from October 1, 2024 to March 31, 2025.
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The tentative budgetary requirement for Rabi season 2024 would be approximately Rs 24,475.53 crore, Cabinet said.
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It said that the move would help make fertilizers available to farmers at subsidized, affordable and reasonable prices. It will also help in rationalisation of subsidy on P&K fertilizers in view of recent trends in the international prices of fertilizers and inputs.
Notably, the subsidy on P&K fertilizers will be provided based on approved rates for Rabi 2024 to ensure smooth availability of these fertilizers to the farmers at affordable prices.
The subsidy on P&K fertilizers is governed by NBS Scheme wef April 1, 2010. In accordance with its farmer friendly approach, the Government is committed to ensure the availability of P&K fertilizers to the farmers at affordable prices.
In view of the recent trends in the international prices of fertilizers & inputs i.e. Urea, DAP, MOP and Sulphur, Government has decided to approve the NBS rates for Rabi 2024 effective from 01.10.24 to 31.03.25 on Phosphatic and Potassic (P&K) fertilizers.
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