Cabinet approves Nutrient Based Subsidy rates for Phosphatic and Potassic fertilizers for the year 2016-17
No: --- Dated: Dec, 07 2016
The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi has approved the proposal of half yearly review of Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for the year 2016-17.
Accordingly, in the interest of farmers, it has been decided to roll over the existing subsidy rates as given below for another six months till the end of the financial year 2016-17.
It has also been decided to ensure that any fall in the international prices should be reflected by the fertilizers companies with subsequent reduction in MRPs.
(Per Kg subsidy rates in Rs.)
|
Period |
N (Nitrogen) |
P (Phosphorus) |
K (Potash) |
S (Sulphur) |
|
2nd half of FY 2016-17 (from October’16 to March’17) |
15.854 |
13.241 |
15.470 |
2.044 |
With fall in international prices, the MRP of P&K fertilizers was reduced in July 2016. The fertilizer companies reduced the 50 Kg. bag prices of Muriate of Potash (MOP) by Rs. 250, Di-Ammonium Phosphate (DAP) by Rs. 125 and Complex fertilizers by Rs. 50.
This is expected to result in increase in consumption of P&K fertilizers which will result in balanced fertilization. As a result the yield from the crops will increase resulting in enhanced income to the farmers.
Courtesy – Press Information Bureau, Government of India