Rabi Season 2022–23: Centre Approved Spending Rs 51,875 Cr on P&K fertilizer
The increased fertilizer subsidy totaling Rs 51,875 crore has been authorized by the Centre for the rabi or winter planting season, which spans from October 2022 to March 2023. The revised nutrient-based subsidy rates for phosphatic and potassic fertilizers were authorized by the Cabinet Committee on Economic Affairs (CCEA) on Wednesday.
According to a formal announcement, Prime Minister Narendra Modi led by CCEA approved the nutrient-based subsidy (NBS) prices for P&K fertilizers for the rabi season of 2022–2023. This would make it possible for farmers to easily get all P&K fertilizers during Rabi 2022–2023 at discounted or reasonable fertilizer costs, supporting the agricultural sector.
To guarantee that these fertilizers are consistently available to farmers at reasonable prices, the CCEA has established nutrient-based subsidy rates for phosphatic and potassic fertilizers, which also includes assistance for indigenous fertilizer through freight subsidy.
Through fertilizer producers/importers, the government offers farmers discounted access to fertilizers including urea and 25 grades of P&K fertilizers.
Following the plan, the government used to publish a yearly set rate of subsidy (in Rs per Kg) on the nutrients nitrogen (N), phosphorus (P), potassium (K), and sulphur (S). It is currently, however, announced every two years.
The price this year per kilo has been set at Rs. 98.02 for nitrogen, Rs. 66.93 for phosphorous, Rs. 23.65 for potash, and Rs. 6.12 for sulphur.
As per the media reports, Fertilizer Minister Mansukh Mandaviya stated that the NBS subsidy for this rabi season has increased only for nitrogen, while it has decreased for the other three nutrients when compared to the NBS subsidy given in the Kharif season this year, taking into account the market prices.
As a result, compared to the Rs 60,939.23 crore released during the first six months of the Kharif season of the current fiscal, the overall subsidy outlay for P&K fertilizers for the six-month rabi season from October 2022 to March 2023 is lower at Rs 51,875 crore.
The government has chosen to absorb the additional costs by boosting subsidies on P & K fertilizers, particularly DAP, in light of the sharp rise in the prices of fertilizers and inputs such as urea, DAP, MOP, and sulphur on the international market. For fertilizer firms to offer fertilizers to farmers at a reasonable price, the subsidy will be released to them as per the agreed rates.
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