Cabinet approves Nutrient Based Subsidy (NBS) rates for Rabi 2024
18 September 2024, New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal from the Ministry of Chemicals and Fertilizers to fix the Nutrient-Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for the Rabi season 2024. These rates will be applicable from October 1, 2024, to March 31, 2025. The estimated budgetary requirement for this season is approximately Rs. 24,475.53 crore.
This decision will ensure the availability of fertilizers to farmers at subsidized, affordable, and reasonable prices. Additionally, the subsidy on P&K fertilizers will be rationalized based on recent international price trends for fertilizers and their inputs, ensuring cost-effectiveness.
The subsidy will be provided to fertilizer companies based on the approved rates to guarantee that fertilizers are available to farmers at affordable prices. The government has been supplying 28 grades of P&K fertilizers at subsidized prices through fertilizer manufacturers and importers under the NBS scheme, which has been in place since April 1, 2010.
With rising global prices of key inputs like Urea, DAP, MOP, and Sulphur, the government has approved the NBS rates for Rabi 2024 to continue supporting farmers and ensure fertilizers remain affordable.
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