The scheme will ensure the availability of fertilizers to farmers at subsidized, affordable, and reasonable prices
The Union Cabinet on Thursday approved a Rs.24,420 crore proposal for fixing the Nutrient-Based Subsidy (NBS) rates on phosphatic and potassic (P&K) fertilizers and the inclusion of 3 new fertilizer grades under the NBS scheme for the Kharif season 2024 (April to September this year).
The scheme will ensure the availability of fertilizers to farmers at subsidized, affordable, and reasonable prices, according to an official statement issued after the meeting.
This will also result in a rationalization of subsidy on P&K fertilizers given recent trends in the international prices of fertilizers and inputs.
The 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 statement said.
The subsidy on P&K fertilizers will be provided based on approved rates for Kharif 2024 (applicable from April 1, 2024, to September 30, 2024) to ensure the smooth availability of these fertilizers to the farmers at affordable prices.
The government is making available 25 grades of P&K fertilizers to farmers at subsidized prices through fertilizer manufacturers/importers to help them enhance production and increase earnings.
[With Inputs from IANS]
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