The Union Cabinet has approved the Nutrient Based Subsidy (NBS) rates for phosphatic and potassic (P&K) fertilizers for the Rabi season, 2024. A press release on this approval was issued on September 18, 2024.
This decision seeks to ensure the availability of these essential fertilizers to farmers at affordable prices. The government currently provides 28 grades of P&K fertilizers to farmers at subsidized prices.
The tentative budgetary requirement for Rabi season 2024 is approximately Rs. 24,475.53 crore.
The subsidy will be provided under the NBS scheme, which came into effect on April 1, 2010. The NBS rates have been revised considering recent fluctuations in international prices of fertilizers and inputs.
Implementation Strategy
The approved NBS rates for Rabi 2024 (October 1, 2024, to March 31, 2025) will be implemented to ensure smooth availability of fertilizers to farmers. Fertilizer companies will receive the subsidy based on the approved rates.
