Relief to farmers before Diwali, central government’s big decision on fertilizer

Fertilizer Subsidy: The central government has gifted the farmers ahead of Diwali. Cabinet has released fertilizer subsidy for Rabi season. The Cabinet on Wednesday approved Rs 22,303 crore phosphatic and potassic fertilizer subsidy for Rabi season 2023-24.

There is a huge reduction in the subsidy approved by the cabinet. The subsidy has been reduced by 57% compared to last year due to which the prices of fertilizers have come down. The total subsidy released for Kharif and Rabi seasons in the year 2022-23 was Rs 1.12 trillion. While the burden of non-urea is expected to decrease by 46% to Rs 60,303 crore during the current financial year.

The cabinet has approved Rs 47.02 per kg for nitrogen, Rs 20.82 per kg for phosphorus, Rs 2.38 per kg for potash and Rs 1.89 per kg for sulfur from October 1. During the last financial year, subsidies of Rs 98.2 per kg were sanctioned on nitrogen, Rs 66.93 per kg on phosphorus, Rs 23.65 on potash and Rs 6.12 per kg on sulphur.

Farmers will continue to get subsidy.

Union Minister Anurag Thakur said that this time also the farmers will get fertilizer at the same price as last financial year. He said that farmers will always get subsidy as its prices keep increasing in the international market. In such a situation, the government does not want this to affect the farmers.

How much subsidy was released for Kharif crop?

Notably, the Cabinet had released a fertilizer subsidy of Rs 38,000 crore for the Kharif crop. While a subsidy of Rs 61,000 crore was released during the last kharif crop. The government is expected to release a total subsidy of Rs 1.75 trillion in FY 2024.

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