The Union Cabinet on Thursday approved subsidy rates for phosphatic and potassic (P&K) fertilizers for the upcoming Kharif season, which runs from April 1 to September 30, 2024.

The cabinet also gave its nod for inclusion of three new fertilizer grades under nutrient-based subdidy (NBS) scheme. The tentative budgetary requirement towards subsidy for Kharif season 2024 is pegged at about ₹24,420 crore. Farmers will continue to get P&K fertilisers at old rates.  

The subsidy will be provided to the fertilizer companies as per approved and notified rates so that fertilizers are made available to farmers at affordable prices, an official release said. 

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The latest cabinet decision will ensure farmers get fertilizers at subsidised, affordable and reasonable prices. 

Inclusion of three new grades in NBS will promote balanced soil health and offer alternatives to the framers to choose fertilizers fortified with micro-nutrients as per the soil requirement, the release said. 

Currently, the government is making available 25 grades of P&K fertilizers to farmers at subsidized prices through fertilizer manufacturers/importers.

The subsidy on P&K fertilizers is governed by NBS Scheme w.e.f April 1,2010. In view of the recent trends in the international prices of fertilizers and inputs i.e. urea, DAP, MOP and sulphur, the government has decided to approve the NBS rates for Kharif 2024 effective from April 1 to September 30 on Phosphatic and Potassic (P&K) fertilizers, the release added.