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.
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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