Cabinet approves Rs 24,420cr subsidy for P&K fertilisers for 2024 kharif season

New Delhi, Feb 29 (PTI) The government on Wednesday announced a Rs 24,420-crore subsidy on phosphatic and potassic (P&K) fertilisers for the upcoming kharif season and said the farmers will continue to get key oil nutrient DAP at Rs 1,350 per quintal.

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal of the Department of Fertilizers for fixing the Nutrient-Based Subsidy (NBS) rates for the Kharif Season 2024-25 from April 1 to September 30 on P&K fertilisers.

Briefing reporters, I&B Minister Anurag Thakur said, “A nutrient-based subsidy of Rs 24,420 crore on P&K fertilisers has been approved for the kharif season starting April 1 till September 30.”

The minister said the subsidy on Nitrogen (N) has been fixed at Rs 47.02 per kg, phosphatic (P) at Rs 28.72 per g, potassic (K) at Rs 2.38 per kg and Sulphur (S) at Rs 1.89 per kg for 2024 kharif season, he said.

The subsidy on phosphatic fertilisers has been increased to Rs 28.72 per kg for the 2024 kharif season from Rs 20.82 per kg in the 2023 rabi season. However, the subsidy on nitrogen (N), potassic (K) and Sulphur (S) has been kept unchanged for 2024 kharif season.

“With this subsidy, DAP (Di-ammonium Phosphate) which is sold currently at Rs 1350 per bag (50 kg), will continue to be available at the same rate in the upcoming 2024 Kharif season,” the minister said.

He also said Muriate of Potash (MoP) will also continue to be available at Rs 1670 per bag, while NPK will be available at Rs 1470 per bag.

In order to reduce the import dependence on DAP, the cabinet also approved the inclusion of three new fertilizer grades under the NBS scheme. 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.