New Delhi, Feb 1 (IANS): There has been a massive increase in fertiliser subsidy for fiscal 2022-23 which has gone up to Rs 1.4 lakh crore from Rs 79,500 crore.

Nitesh Jain, Director, CRISIL Ratings said the revision in the fertiliser subsidy budget for fiscal 2022 to Rs 140,000 crore from Rs 79,500 crore augurs well for the fertiliser industry.

It will help meet the increase in input costs and will contain any material build-up of subsidy receivables for fertiliser manufacturers, he added.

The Centre will promote chemical-free, natural farming across the country with primary focus on farmers' lands in 5-km-wide corridors along the river Ganga in the first stage, Finance Minister Niramala Sitharaman said on Tuesday.

"To ensure that farmers adopt natural farming, a comprehensive package for participation of state governments and the Ministry of Micro, Small & Medium Enterprises (MSMEs) will be introduced," Sitharaman said while presenting the union budget in Parliament.

Prime Minister Narendra Modi too has been emphasing the importance of chemical-free, natural farming for some time now.

"Natural farming will benefit the country's 80 per cent farmers, who are small-scale and have less than two hectares of land, as they spend a lot on chemical input. But using natural fertilisers will benefit them with low expenditure and more profit," he had said in December, last year.

The Finance Minister further said that Kisan Drones will be used for crop assessments, land records, spraying of insecticides to drive a wave of technology in Agri culture and farming sector.

The estimated procurement of wheat in Rabi 2021-22 & paddy in Kharif 2021-22 will cover 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers. "About Rs 2.37 lakh crore will be direct payment of MSP to their accounts," she said.