New Delhi:: In a significant move, the Union Cabinet gave its nod on Wednesday to the Nutrient Based Subsidy (NBS) rates for the upcoming Rabi season of 2023-24, specifically focusing on Phosphatic and Potassic (P&K) fertilizers. This approval aims to secure the access of fertilizers for farmers at rates that are "subsidized, economical, and fair."

Information and Broadcasting Minister Anurag Thakur, while addressing the media regarding the Cabinet's determinations, highlighted that these decisions are anticipated to result in an expenditure of a substantial Rs 22,303 crore.

Under the proposed subsidy structure for the Rabi season spanning from October 1, 2023, to March 31, 2024, the rates are as follows: Nitrogen will receive a subsidy of Rs 47.2 per kilogram, phosphorus will be subsidized at Rs 20.82 per kilogram, potash will benefit from a subsidy of Rs 2.38 per kilogram, and sulfur will be subsidized at Rs 1.89 per kilogram.

Thakur further emphasized that the continuity of these subsidies is of paramount importance, primarily as a protective measure against international price fluctuations that might adversely affect our domestic farming community. The subsidy on Di-Ammonium Phosphate (DAP) will be maintained, ensuring that DAP remains available at its previous rate of Rs 1350 per bag. Moreover, the NPK fertilizer blend will be accessible at the rate of Rs 1,470 per bag.

Notably, the Cabinet's decision strives to bolster the agricultural sector by offering vital fertilizers to farmers at prices that alleviate their financial burden, thereby bolstering agricultural productivity and food security in the nation.

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