PM Modi’s cabinet approved NBS subsidy
25 October 2023 by onlinecricketbats.com
The Union Cabinet, presided over by Prime Minister Shri Narendra Modi, has given its approval to the proposal put forth by the Department of Fertilizers for establishing the Nutrient Based Subsidy NBS subsidy rates for the Rabi Season of 2023-24, covering the period from 1st October 2023 to 31st March 2024, concerning Phosphatic and Potassic (P&K) fertilizers.
Ministry of Chemicals and Fertilizers
Azadi Ka Amrit Mahotsav, India 2023
The Cabinet Approves Nutrient Based Subsidy (NBS) Rates for RABI Season, 2023-24 (from 01.10.2023 to 31.03.2024) on Phosphatic and Potassic (P&K) Fertilizers
Posted On: 25th October 2023, 3:19 PM by PIB Delhi
| Year | Rs. Per Kg |
|---|---|
| RABI, 2023-24 (from 01.10.2023 to 31.03.2024) | N – 47.02, P – 20.82, K – 2.38, S – 1.89 |
For the forthcoming Rabi season of 2023-24, an estimated expenditure of Rs. 22,303 crore is projected for the NBS subsidy
The subsidy on P&K fertilizers will be granted based on the approved rates for Rabi 2023-24, applicable from 1st October 2023 to 31st March 2024, ensuring the continued accessibility of these fertilizers to farmers at affordable prices.
Benefits:
- Ensuring the availability of fertilizers to farmers at subsidized, affordable, and reasonable prices.
- Rationalizing the subsidy on P&K fertilizers in light of recent trends in international fertilizer and input prices.
Background:
The government is currently 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, effective from 1st April 2010. In alignment with its farmer-friendly approach, the government is committed to making P&K fertilizers available to farmers at affordable prices.
Considering recent trends in international fertilizer and input prices, including Urea, DAP, MOP, and Sulphur, the government has decided to approve the NBS rates for Rabi 2023-24, effective from 1st October 2023 to 31st March 2024, pertaining to Phosphatic and Potassic (P&K) fertilizers. The subsidy will be extended to fertilizer companies in accordance with the approved and notified rates, ensuring the availability of fertilizers to farmers at affordable prices.
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Also read PM Vishwakarma Scheme 2023