Cabinet Approves Nutrient Based Subsidy (NBS) Rates for Rabi Season 2024 on P&K Fertilizers

The Indian Government continues its commitment to supporting the agricultural sector by approving the Nutrient Based Subsidy (NBS) rates for Rabi Season 2024. The decision, taken by the Union Cabinet chaired by Prime Minister Narendra Modi, is set to stabilize the availability of Phosphatic and Potassic (P&K) fertilizers for farmers at subsidized and affordable rates during the Rabi season, from October 1, 2024, to March 31, 2025.

Key Highlights of the NBS Approval for Rabi 2024

1. Budget Allocation for Rabi Season 2024

The tentative budgetary requirement for the Nutrient Based Subsidy for Rabi 2024 stands at ₹24,475.53 crore. This financial provision ensures that farmers can access necessary fertilizers at reduced prices, contributing to better crop productivity during this crucial agricultural season.

2. Benefits of the Subsidy Scheme

• Affordable Fertilizers: Farmers will benefit from the availability of subsidized fertilizers, which will be sold at reasonable and controlled rates.
• Price Rationalization: Given the recent fluctuations in international fertilizer prices, especially for key inputs like Urea, DAP, MOP, and Sulphur, this subsidy ensures that farmers are shielded from sharp price hikes.

Implementation Strategy and Targets

The subsidy on P&K fertilizers will be provided based on the approved rates for Rabi 2024. This subsidy is part of the government's Nutrient Based Subsidy Scheme introduced on April 1, 2010, which covers 28 different grades of P&K fertilizers.

• Fertilizer Manufacturers and Importers: Subsidized fertilizers will be made available to farmers through these suppliers. This ensures a steady and affordable supply chain for essential nutrients during the Rabi season.
• Government Commitment: The Government of India reaffirms its dedication to ensuring that farmers across the country have access to affordable, quality fertilizers, contributing to enhanced agricultural productivity and sustainable farming practices.

NBS Scheme – A Brief Overview

The Nutrient-Based Subsidy Scheme was introduced with a vision to ensure the balanced use of fertilizers, improving soil health and productivity. This scheme encourages farmers to apply fertilizers based on soil health card recommendations, promoting better nutrient management in fields and reducing dependency on a single fertilizer type.

The recently approved NBS rates for Rabi 2024 reflect the government's focus on balancing subsidy provisions with international market trends and ensuring the availability of key nutrients in the required proportions.

READ MORE: NBS Rates for Kharif Season 2024 - Click Here

Conclusion

The approval of NBS rates for Rabi Season 2024 underlines the Government of India's farmer-centric approach. By providing subsidies on P&K fertilizers, the government aims to safeguard farmers against fluctuating international fertilizer prices while promoting sustainable agricultural practices. The NBS scheme plays a pivotal role in ensuring that farmers have access to affordable fertilizers, which directly impacts crop yield and food security in the country.

Source - PIB