The Union Cabinet has given the green light to a proposal worth Rs 24,420 crore to set the rates for subsidising phosphatic and potassic (P&K) fertilizers. This move also includes adding three new types of fertilizers to the subsidy scheme for the Kharif season of 2024, which runs from April to September this year.This scheme aims to ensure that farmers can get fertilisers they need at prices that are subsidised, meaning they’re cheaper and more affordable. It’s a way to make sure farmers have access to fertilisers without having to spend too much money.
The government will adjust the subsidy rates for P&K fertilisers based on the current international prices for these fertilisers and the cost of the materials needed to make them. By doing this, they hope to make sure that the subsidy rates are fair and reflect the actual costs.