During a recent meeting chaired by Prime Minister Narendra Modi, the Union Cabinet Committee granted approval for a significant Nutrient-Based Subsidy (NBS) amounting to Rs 22,303 crore for the current Rabi season, focusing on Phosphatic and Potassic (P&K) fertilizers. Keyly, there are no price hikes for the essential soil nutrient DAP (di-ammonium phosphate). This decision sets NBS rates in place for the Rabi Season 2023-24, which spans from October 1, 2023, to March 31, 2024, specifically for P&K fertilizers. The established NBS rates include Rs 47.02 per kg for nitrogen (N), Rs 20.82 per kg for phosphorus (P), Rs 2.38 per kg for potash (K), and Rs 1.89 per kg for sulfur (S). In the previous Kharif season of 2023-24, the government had maintained subsidy rates of Rs 76 per kg for N, Rs 41 per kg for P, Rs 15 per kg for K, and Rs 2.8 per kg for S. This May, the Union Cabinet sanctioned a subsidy of Rs 38,000 crore for P&K fertilizers during the Kharif season of 2023-24.
Furthermore, NPK would continue to be available at the previous rate of Rs 1,470 per bag, while single super phosphate (SSP) would be priced around Rs 500 per bag. The cost of Muriate of Potash (MoP) would decrease to Rs 1,655 per bag from its previous rate of Rs 1,700 per bag. Regarding the reduction in NBS rates, it was explained that international prices for both finished products and raw materials have seen a slight decrease, but they still remain elevated. As a result, the government is continuing its subsidy efforts to maintain the previous rates. Notably, the fertilizer subsidy had climbed to nearly Rs 2.55 lakh crore in the previous fiscal year, compared to approximately Rs 73,000 crore in the financial year 2014-15.
In another significant development, the government also approved the inclusion of the Jamrani Dam Multipurpose Project in Uttarakhand under the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY). This project aims to expand irrigation areas by 57,065 hectares in Uttarakhand and Uttar Pradesh. The benefits of drinking water and power will be accessible exclusively to Uttarakhand. The Cabinet Committee on Economic Affairs granted central support of Rs 1,557.18 crore to Uttarakhand for this project, which is estimated to cost Rs 2,584.10 crore and is scheduled to be completed by March 2028.
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