Cabinet approves Nutrient Based Subsidy (NBS) rates for RABI Season
29 October 2023, New Delhi: The Union Cabinet comprising of 29 ministers approved the proposal of the Department of Fertilizers for fixing the Nutrient Based Subsidy (NBS) rates for Rabi Season 2023-24 on Phosphatic and Potassic (P&K) fertilizers. The rabi season is considered from 1st October to 31st of March 2024.
Nutrient Based Subsidy (NBS) rates for RABI Season of 2023-24 (INR/Kg)
Year
N
P
K
S
2022-23
98.02
66.93
23.65
6.12
2023-24
47.02
20.82
2.38
1.89
Growth
-52%
-69%
-90%
-69%
*Source: PIB
In the upcoming Rabi season 2023-24, an expenditure of Rs.22,303 crore is expected on NBS.
The subsidy on P&K fertilizers will be provided based on approved rates for Rabi 2023-24 (applicable from 01.10.2023 to 31.03.2024) to ensure the smooth availability of these fertilizers to the farmers at affordable prices.
Benefits:
The availability of fertilizers to farmers at subsidized, affordable, and reasonable prices will be ensured.
Rationalization of subsidy on P&K fertilizers given recent trends in the international prices of fertilizers and inputs.
Background:
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 the NBS Scheme w.e.f 01.04.2010. In view of the recent trends in the international prices of fertilizers & inputs i.e. Urea, DAP, MOP, and Sulphur, the Government has decided to approve the NBS rates for Rabi 2023-24 effective from 01.10.23 to 31.03.24 on Phosphatic and Potassic (P&K) fertilizers. The subsidy would be provided to the fertilizer companies as per approved and notified rates.
