Govt approves ₹24,475 crore subsidy on P&K fertilisers for 2024-25 rabi season

The government on Wednesday approved ₹24,474.53 crore subsidy on phosphatic and potassic (P&K) fertilisers for the rabi season of 2024-25 to ensure the supply of crop nutrients to farmers at affordable rates.

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the Nutrient Based Subsidy (NBS) rates for rabi season 2024 (from October 2024 to March 2025) on P&K fertilisers.

"The tentative budgetary requirement for rabi season 2024 would be approximately ₹24,475.53 crore," an official statement said.

Prime Minister Narendra Modi in a post on X stated: "This step will also reduce the cost of cultivation for farmers".

"To ensure a continuous supply of fertilisers to our farmer brothers and sisters at affordable rates, we have approved the rates of nutrient-based subsidy for the Rabi season of 2024," Modi said.

Union Minister of Chemicals and fertilisers Jagat Prakash Nadda in a post on X said that this important decision will ensure the availability of fertilisers to farmers at subsidised and reasonable prices, besides providing incentives for increasing Rabi crop production.

The government is making available 28 grades of P&K fertilisers to farmers at subsidised prices through fertiliser manufacturers/importers.

The subsidy on P&K fertilisers is governed by the NBS scheme with effect from April 1, 2010.

"In view of the recent trends in the international prices of fertilisers & inputs i.e. urea, DAP, MOP and sulphur, the government has decided to approve the NBS rates for Rabi 2024 on P&K fertilisers," the statement said.

The subsidy would be provided to the fertiliser companies as per approved and notified rates of N (nitrogen), P (phosphorus) and K (potash) so that fertilisers are made available to farmers at affordable prices, it added.