Cabinet approves Nutrient Based Subsidy rates for Rabi Season, 2024

The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the proposal of the Ministry of Chemicals & Fertilizers for fixing the Nutrient Based Subsidy (NBS) rates for RABI Season, 2024 on Phosphatic and Potassic (P&K) fertilizers. Approved NBS rate will be applicable from 1st October, 2024 to 31 March, 2025. As per the press release issued by the government tentative budgetary requirement for Rabi season 2024 would be approximately Rs.24,475.53 crore. Government provides subsidy for decontrolled fertilizers under NBS scheme.

It says that availability of fertilizers to farmers at subsidised, affordable and reasonable prices will be ensured. Rationalization of subsidy on P&K fertilizers in view of recent trends in the international prices of fertilizers and inputs.

The subsidy on P&K fertilizers will be provided based on approved rates for Rabi 2024 (applicable from 01.10.2024 to 31.03.2025) to ensure smooth availability of these fertilizers to the farmers at affordable prices.

Government is making available 28 grades of P&K fertilizers to farmers at subsidised prices through fertilizer manufacturers/importers. The subsidy on P&K fertilizers is governed by NBS Scheme from April, 2010. In accordance with its farmer friendly approach, the Government is committed to ensure the availability of P&K fertilizers to the farmers at affordable prices. In view of the recent trends in the international prices of fertilizers & inputs like Urea, DAP,MOP and Sulphur, Government has decided to approve the NBS rates for Rabi 2024 effective from 01.10.24 to 31.03.25 on Phosphatic and Potassic (P&K) fertilizers. The subsidy would be provided to the fertilizer companies as per approved and notified rates so that fertilizers are made available to farmers at affordable prices.