GUWAHATI: The Union Cabinet has given the green light to the proposal of the Department of Fertilizers to fix the Nutrient Based Subsidy (NBS) rates for the KHARIF Season, 2024. The subsidy rates will apply to Phosphatic and Potassic (P&K) fertilizers and will also include the incorporation of three new fertilizer grades under the NBS scheme. The tentative budgetary allocation for the Kharif season 2024 is estimated to be around ₹24,420 crore.
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The approval aims to provide farmers with access to fertilizers at subsidized, affordable, and reasonable prices. It also seeks to rationalize the subsidy on P&K fertilizers in light of recent trends in international fertilizer and input prices. The inclusion of three new grades under the NBS scheme is expected to promote balanced soil health and offer farmers alternatives to choose fertilizers fortified with micro-nutrients based on soil requirements.
Under the implementation strategy, the subsidy on P&K fertilizers will be provided based on approved rates for the Kharif 2024 season, effective from 01.04.2024 to 30.09.2024. This move aims to ensure the smooth availability of fertilizers to farmers at affordable prices during the critical cropping season.
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The decision to approve NBS rates for Kharif 2024 comes in response to recent trends in international fertilizer and input prices, including Urea, DAP, MOP, and Sulphur. The subsidy will be provided to fertilizer companies based on approved and notified rates, thereby ensuring that fertilizers are made available to farmers at reasonable prices.
