New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal of the Department of Fertilizers for fixing the 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.
| Year | Rs. Per Kg | |||
| RABI, 2023-24
(from 01.10.2023 to 31.03.2024) |
N | P | K | S |
| 47.02 | 20.82 | 2.38 | 1.89 | |
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 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 in view of recent trends in the international prices of fertilizers and inputs.
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 NBS Scheme w.e.f 01.04.2010.
In accordance with its farmer friendly approach, the Government is committed to ensure the availability of P&K fertilizers to the farmers at affordable prices. In view of the recent trends in the international prices of fertilizers & inputs i.e. Urea, DAP, MOP and Sulphur, 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 so that fertilizers are made available to farmers at affordable prices.