New Delhi: The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi today approved a unique package of innovative schemes for farmers with a total outlay of Rs.3,70,128.7 crore.
The bouquet of schemes is focused at overall wellbeing and economic betterment of farmers by promoting sustainable agriculture. The initiatives will boost farmers’ income, strengthen natural / organic farming, rejuvenate soil productivity, and ensure food security.
The CCEA approved continuation of Urea Subsidy Scheme to ensure constant availability of urea to the farmers at the same price of Rs 242/ 45 kg bag excluding taxes and neam coating charges. Out of above approved package, Rs. 3,68,676.7 Crore have been committed for urea subsidy for three years (2022-23 to 2024-25).
This is apart from recently approved Nutrient Based Subsidy of Rs 38,000 Crore for Kharif season for 2023-24. The farmers need not spend extra for purchase of urea, and this will help moderate their input costs. At present, the MRP of urea is Rs.242 per 45 kg bag of urea (exclusive of charges towards neem coating and taxes as applicable), whereas the actual cost of the bag comes around Rs. 2200.
The Scheme is wholly financed by the Government of India through budgetary support. The continuation of Urea Subsidy scheme will also maximize indigenous production of Urea to reach self-sufficiency levels.
Due to ever changing geopolitical situation and increased raw material prices, Fertilizer prices have been increasing multifold globally over the years. But Government of India has protected its farmers from steep fertilizer price rise by increasing the fertilizer subsidy.
In its endeavour to safeguard our farmers, Government of India has increased Fertilizer subsidy from Rs. 73,067 Cr in 2014-15 to Rs. 2,54,799 Cr in 2022-23.
By 2025-26, eight Nano urea plants with production capacity of 44 Crore bottles equaling to 195 LMT of conventional urea will be commissioned. Nano fertilizer releases nutrients in a controlled manner contributing to higher nutrient use efficiency and while costing less to the farmers. Application of Nano Urea has demonstrated increase in crop yield
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