Cabinet approves Nutrient Based Subsidy (NBS) rates for RABI Season
29 October 2023, New Delhi: The Union Cabinet comprising of 29 ministers approved the proposal of the Department of Fertilizers for fixing the Nutrient Based Subsidy (NBS) rates for Rabi Season 2023-24 on Phosphatic and Potassic (P&K) fertilizers. The rabi season is considered from 1st October to 31st of March 2024.
Nutrient Based Subsidy (NBS) rates for RABI Season of 2023-24 (INR/Kg)
Year
N
P
K
S
2022-23
98.02
66.93
23.65
6.12
2023-24
47.02
20.82
2.38
1.89
Growth
-52%
-69%
-90%
-69%
*Source: PIB
In the upcoming Rabi season 2023-24, an expenditure of Rs.22,303 crore is expected on NBS.
The subsidy on P&K fertilizers will be provided based on approved rates for Rabi 2023-24 (applicable from 01.10.2023 to 31.03.2024) to ensure the smooth availability of these fertilizers to the farmers at affordable prices.
The availability of fertilizers to farmers at subsidized, affordable, and reasonable prices will be ensured.
Rationalization of subsidy on P&K fertilizers given recent trends in the international prices of fertilizers and inputs.
Background:
The government is making available 25 grades of P&K fertilizers to farmers at subsidized prices through fertilizer manufacturers/importers. The subsidy on P&K fertilizers is governed by the NBS Scheme w.e.f 01.04.2010. In view of the recent trends in the international prices of fertilizers & inputs i.e. Urea, DAP, MOP, and Sulphur, the Government has decided to approve the NBS rates for Rabi 2023-24 effective from 01.10.23 to 31.03.24 on Phosphatic and Potassic (P&K) fertilizers. The subsidy would be provided to the fertilizer companies as per approved and notified rates.
