New Delhi: In a significant move, the Cabinet led by Prime Minister Narendra Modi has given its nod to the Nutrient-Based Subsidy (NBS) rates for the upcoming Kharif Season 2024, spanning from April 1st to September 30th, 2024. This decision, announced by Union Minister Anurag Thakur, entails the inclusion of three new fertilizer grades within the NBS scheme, signaling a strategic step towards bolstering agricultural sustainability.
The government has allocated a substantial subsidy amounting to Rs 24,420 crore specifically designated for NBS-based nutrients. Minister Anurag Thakur disclosed during a press briefing that the subsidy rates for Nitrogen (N), Phosphatic (P), Potassic (K), and Sulphur (S) for the 2024 Kharif season have been delineated as Rs 47.02 per kg, Rs 28.72 per kg, Rs 2.38 per kg, and Rs 1.89 per kg respectively.
While the subsidy for phosphatic fertilizers has been augmented to Rs 28.72 per kg, an increase from Rs 20.82 per kg in the preceding 2023 Rabi season, the rates for nitrogen, potassic, and sulphur remain unchanged for the 2024 Kharif season.
Minister Thakur underscored that this subsidy adjustment ensures the continued availability of essential fertilizers at affordable prices for farmers. Notably, DAP (Di-ammonium Phosphate) will persist at its current price of Rs 1350 per bag (50 kg) in the forthcoming 2024 Kharif season, with Muriate of Potash (MoP) and NPK likewise retaining their rates at Rs 1670 per bag and Rs 1470 per bag respectively.
Furthermore, the Cabinet’s decision to incorporate three new fertilizer grades under the NBS scheme aims to mitigate import reliance on DAP, thereby fostering domestic self-sufficiency in fertilizer production.
The subsidy disbursed to fertilizer companies, as per the approved and notified rates, seeks to ensure the availability of fertilizers to farmers at economical prices, thereby facilitating agricultural productivity and sustenance.
