“The tentative budgetary requirement for rabi season 2024 would be approximately Rs 24,475.53 crore,” an official statement said.
The decision is aimed at ensuring the availability of fertilizers to farmers at subsidized, affordable and reasonable prices.
The government is making available 28 grades of P&K fertilizers to farmers at subsidized prices through fertilizer manufacturers/importers.
The subsidy on P&K fertilizers is governed by the NBS scheme with effect from April 1, 2010.
“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 on P&K fertilizers,” the statement said. The subsidy would be provided to the fertilizer companies as per approved and notified rates of N (nitrogen), P (phosphorus) and K (potash) so that fertilizers are made available to farmers at affordable prices, it added.