New Delhi, Feb 29 (IANS): The Union Cabinet on Thursday approved a Rs 24,420 crore proposal for fixing the Nutrient-Based Subsidy (NBS) rates on phosphatic and potassic (P&K) fertilisers and inclusion of 3 new fertiliser grades under NBS scheme for the Kharif season 2024 (April to September this year).

The scheme will ensure availability of fertilisers to farmers at subsidised, affordable, and reasonable prices, according to an official statement issued after the meeting.

This will also result in a rationalisation of subsidy on P&K fertilisers in view of recent trends in the international prices of fertilisers and inputs.

The inclusion of three new grades in NBS will support in promoting balanced soil health and offer alternatives to the framers to choose fertilisers fortified with micro-nutrients as per the soil requirement, the statement said.

The subsidy on P&K fertilisers will be provided based on approved rates for Kharif 2024 (applicable from April 1, 2024 to September 30, 2024) to ensure smooth availability of these fertilisers to the farmers at affordable prices.

The government is making available 25 grades of P&K fertilisers to farmers at subsidised prices through fertiliser manufacturers/importers to help them enhance production and increase earnings.