Cabinet approves Rs 24,420 cr subsidy for P&K fertilisers for 2024 kharif season

The government declared a subsidy of Rs 24,420 crore on phosphatic and potassic (P&K) fertilisers for the forthcoming kharif season on Wednesday. They confirmed that farmers will continue to receive the vital oil nutrient DAP at Rs 1,350 per quintal. 

The approval for this proposal, which was put forward by the Department of Fertilizers, came from the Union Cabinet, led by Prime Minister Narendra Modi. The Nutrient-Based Subsidy (NBS) rates for the Kharif Season 2024-25 from April 1 to September 30 on P&K fertilisers have been set.

I&B Minister Anurag Thakur briefed reporters, stating that a nutrient-based subsidy of Rs 24,420 crore on P&K fertilisers has been approved for the kharif season starting April 1 till September 30.

The minister announced that the subsidy for Nitrogen (N) has been set at Rs 47.02 per kg, phosphatic (P) at Rs 28.72 per g, potassic (K) at Rs 2.38 per kg and Sulphur (S) at Rs 1.89 per kg for the 2024 kharif season. There has been an increase in the subsidy on phosphatic fertilisers to Rs 28.72 per kg for the 2024 kharif season, up from Rs 20.82 per kg in the 2023 rabi season. 

However, the subsidy rates for Nitrogen (N), Potassic (K), and Sulphur (S) remain the same for the 2024 kharif season. The minister further stated that due to this subsidy, the price of DAP (Di-ammonium Phosphate), currently sold at Rs 1,350 per bag (50 kg), will remain unchanged for the upcoming 2024 Kharif season.

The availability of Muriate of Potash (MoP) will continue at Rs 1,670 per bag, and NPK will be priced at Rs 1,470 per bag, according to an official. The cabinet has also approved the inclusion of three new fertilizer grades under the NBS scheme in a bid to reduce import dependence on DAP. Fertilizer companies will receive subsidies as per approved and notified rates to ensure affordable prices for farmers.

(With PTI inputs)