The Union Cabinet, under the leadership of Prime Minister Shri Narendra Modi, has approved the Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for the upcoming Rabi Season 2024. This important decision, proposed by the Ministry of Chemicals & Fertilizers, ensures that farmers will have access to fertilizers at affordable prices from October 1, 2024, to March 31, 2025.
Significant Budget for Rabi Season 2024
For the Rabi season, the government has set a tentative budget of approximately Rs. 24,475.53 crore. This allocation reflects the government’s commitment to supporting Indian farmers by providing subsidies on essential fertilizers. The budget aims to ensure that farmers have uninterrupted access to fertilizers during this critical season, promoting agricultural productivity and economic stability.
Key Benefits for Farmers
The approval of the NBS rates for Rabi 2024 offers multiple benefits to farmers, including:
- Affordable Prices: The government will ensure that fertilizers are available at subsidized rates, making them affordable and accessible for farmers.
- Subsidy Rationalization: In response to global fluctuations in the prices of fertilizers and raw materials like Urea, DAP (Di-Ammonium Phosphate), MOP (Muriate of Potash), and Sulphur, the government will rationalize the subsidy. This adjustment guarantees that the subsidy remains in line with current market trends while protecting farmers from sharp price increases.
- Guaranteed Availability: The smooth supply of 28 grades of P&K fertilizers will be maintained, ensuring farmers have a consistent and reliable source of these essential inputs during the entire Rabi season.
Nutrient Based Subsidy (NBS) Scheme Overview
The NBS Scheme, introduced on April 1, 2010, is designed to provide fixed subsidies on Phosphatic and Potassic fertilizers. Through this program, fertilizer manufacturers and importers receive subsidies that allow them to sell fertilizers to farmers at affordable prices. The scheme ensures that farmers have access to high-quality fertilizers without facing financial hardships, fostering sustainable agricultural growth.
Implementation Strategy
The NBS rates will be applicable for the Rabi season from October 1, 2024, to March 31, 2025. Fertilizer companies will receive the approved subsidy to ensure the timely and affordable distribution of fertilizers. This move is aligned with the government’s farmer-friendly approach and commitment to ensuring that essential agricultural inputs are available when needed most.
Government’s Commitment to Farmers
By approving the Nutrient Based Subsidy (NBS) rates for Rabi 2024, the government continues its dedication to supporting Indian farmers. This decision ensures that despite international market fluctuations, fertilizers will remain affordable and accessible. The government’s focus on rationalizing subsidies and ensuring the availability of 28 grades of P&K fertilizers underscores its commitment to enhancing agricultural productivity and ensuring food security during the critical Rabi season.
In conclusion, this move is another step forward in supporting India’s agricultural backbone. Through strategic subsidies and timely interventions, the government aims to empower farmers, improve crop yields, and stabilize the agricultural sector for the future.