The Finance Minister of India, Nirmala Sitharaman, revealed that the fertiliser subsidy for the current fiscal year has been raised to Rs 2.25 lakh crore, up from the budget estimate of Rs 1.05 lakh crore, according to PTI.
This increase in subsidy will be a major boost for farmers and the agriculture sector, which has been facing a number of challenges in recent times.
Fertilizer subsidy raised to Rs 2.25 lakh crore for current fiscal, from Budget Estimate of Rs 1.05 lakh crore: FM
— Press Trust of India (@PTI_News) February 10, 2023
The move to raise the fertiliser subsidy is part of the government's broader efforts to support the agriculture sector, which includes various other initiatives aimed at improving the livelihoods of farmers and promoting the growth of the agriculture industry.
In FY2022-23, Rs 1,05,262 crore had been allocated to the department of fertilisers for fertiliser subsidy, a decrease of 25 percent over the revised estimates of 2021-22.
Further, the allocation for subsidies of Urea and nutrient-based fertiliser in 2022-23 is 17 percent and 35 percent lower than the revised estimates of 2021-22.
(Edited by : Priyanka Deshpande)
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