The Union Cabinet chaired by Prime Minister Narendra Modi on Thursday approved the proposal of the Department of Fertilizers for fixing the Nutrient Based Subsidy (NBS) rates for Kharif Season, 2024 on Phosphatic and Potassic (P&K) fertilizers and inclusion of 3 new fertilizer grades under NBS scheme.
Kharif Season for the year 2024 will be from April 1 to September 30, and the tentative budgetary requirement for Kharif season 2024 would be approximately Rs 24,420 crore.
As per the Cabinet decision, the subsidy on Phosphatic and Potassic fertilizers will be provided based on approved rates for Kharif 2024 to ensure smooth availability of these fertilizers to the farmers at affordable prices.
The key benefits through the Nutrient Based Subsidy rates will be the availability of fertilizers to farmers at subsidized, affordable and reasonable prices will be ensured.
Further the rationalization of subsidy on P&K fertilizers is in view of recent trends in the international prices of fertilizers and inputs.
Inclusion of three new grades in NBS will support in promoting balanced soil health and offer alternatives to the framers to choose fertilizers fortified with micro-nutrients as per the soil requirement, the cabinet said.
Notably, the government is making available 25 grades of P&K fertilizers to farmers at subsidized prices through fertilizer manufacturers/importers. The subsidy on P&K fertilizers is governed by NBS Scheme wef April 1, 2010.