New Delhi, Oct 25 (IANS): The Union Cabinet on Wednesday approved the nutrient-based subsidy (NBS) rates for Rabi season 2023-24 (from October 1, 2023 to March 31, 2024) on phosphatic and potassic (P&K) fertilisers.
IANS had reported about the decision earlier.
The new subsidy rates are as follows: For nitrogen, it is Rs 47.02 per kg, for phosphorus Rs 20.82 per kg, for potash Rs 2.38 per kg, while for sulphur Rs 1.89 per kg.
In the upcoming Rabi season 2023-24, an expenditure of Rs 22,303 crore is expected on NBS.
The subsidy on P&K fertilisers will be provided based on approved rates for Rabi 2023-24 to ensure smooth availability of these fertilisers to the farmers at affordable prices. The availability of fertilisers to farmers at subsidised, affordable and reasonable prices will be ensured, official sources.