The Union Cabinet on Wednesday approved Nutrient Based Subsidy (NBS) rates for the Rabi season, 2023-24
Published Date – 08:03 PM, Wed – 25 October 23
The Union Cabinet on Wednesday approved Nutrient Based Subsidy (NBS) rates for the Rabi season, 2023-24
New Delhi: After the Union Cabinet approved the proposal to establish Nutrient Based Subsidy (NBS) rates for the upcoming Rabi Season 2023-24, Union Minister Anurag Thakur on Wednesday expressed gratitude to Prime Minister Narendra Modi and called it as “landmark decision”.
The Union Cabinet on Wednesday approved Nutrient Based Subsidy (NBS) rates for the Rabi season, 2023-24, on Phosphatic and Potassic (P&K) fertilizers to ensure the availability of fertilisers to farmers at “subsidised, affordable and reasonable” rates.
“I extend my heartfelt gratitude to PM Narendra Modi Ji for this landmark decision that will further empower our farmers,” Anurag Thakur posted on X (Formerly Twitter).
Meanwhile, Union Minister Nitin Gadkari also lauded the decision of the Cabinet to approve the proposal to establish Nutrient Based Subsidy (NBS) rates for the upcoming Rabi Season 2023-24.
This decision reflects the unwavering commitment of the government to provide our farmers with access to fertilizers at subsidized, cost-effective, and equitable prices. It also ensures that the subsidy structure for P&K fertilizers remains aligned with the dynamic international fertilizer and input prices.
Briefing the media on the decisions of the union cabinet, Information and Broadcasting Minister Anurag Thakur said the decisions are expected to entail an expenditure of Rs 22,303 crore.
“Subsidy for the Rabi season from October 1, 2023, till March 31, 2024, will be like this – for the nitrogen it will be Rs 47.2 per kg, phosphorus will be Rs 20.82 per kg, potash subsidy will be Rs 2.38 per kg and the sulphur subsidy will be Rs 1.89 per kg,” he said.
“The subsidy will continue because when international prices rise, the government does not want it to impact our farmers in the country… Subsidy on DAP will continue…DAP will be available for Rs 1350 per bag as per the old rate. The NPK will be available at Rs 1,470 per bag,” he added.
