The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a Rs 1.08 lakh crore fertiliser subsidy for the 2023-24 Kharif season.
"For the Kharif season, the Cabinet has approved Rs 70,000 crore subsidy for urea and Rs 38,000 crore for di-ammonium phosphate (DAP) and other fertilisers," Fertiliser Minister Mansukh Mandaviya said in a statement, giving the breakup of the subsidy.
The new rates of subsidy will come into effect from April to September 2023 and are aimed to ensure that there is no increase in the retail prices of fertilisers. The subsidy is likely to benefit about 12 crore farmers in the country.
As per Mandaviya, overall fertiliser could exceed the budget outlay of Rs 1.75 lakh crore in FY24 and could touch 2 lakh crores by the end of the rabi season. The Minister further added that the Kharif season NPK fertiliser subsidy is seen lower on softer international prices.
As of now, the price of urea and DAP is Rs 276 & Rs 1,350 per bag respectively.
-With inputs from PTI
First Published: May 17, 2023 4:31 PM IST
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