Cabinet Approves Nutrient Based Subsidy (NBS) Rates for Rabi Season, 2024

The Union Cabinet at its meeting chaired by Prime Minister Modi has given nod to the proposal of the Ministry of Chemicals & Fertilizers for fixing the Nutrient Based Subsidy (NBS) rates for RABI Season, 2024 (from 01.10.2024 to 31.03.2025) on Phosphatic and Potassic (P&K) fertilizers. The tentative budgetary requirement for Rabi season 2024 would be approximately Rs.24,475.53 crore.

Benefits:

• 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.

Implementation Strategy and Targets:

The subsidy on P&K fertilizers will be provided based on approved rates for Rabi 2024 (applicable from 01.10.2024 to 31.03.2025) to ensure smooth availability of these fertilizers to the farmers at affordable prices.

The government is making available 28 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 wef 01.04.2010.

In accordance with its farmer-friendly approach, the Government is committed to ensuring 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, the Government has decided to approve the NBS rates for Rabi 2024 effective from 01.10.24 to 31.03.25 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, according to an official release.