Nutrient Based Subsidy (NBS) Rates Approved for Fertilizers

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Nutrient Based Subsidy (NBS) Rates Approved for Fertilizers

Recently the Cabinet approved Nutrient Based Subsidy (NBS) for Phosphate and Potash (P&K) fertilizers containing nutrients like Nitrogen (N), Phosphorous (P), Potash and Sulfur (S) for Rabi season 2022-23. has been approved.

  • The decision of the cabinet will help it to tide over the volatility in international prices of fertilizers and raw materials.
  • In addition, it will ensure easy availability of fertilizers to the farmers at subsidized/affordable prices.
  • Commercial prices of fertilizers have almost doubled due to the logistics problem caused by the Covid pandemic as well as the Ukraine-Russia conflict.
  • The government is providing fertilizers at subsidized prices to the farmers through fertilizer manufacturers/importers. These include urea and 25 grade fertilizers of P&K.
  • The subsidy on P&K fertilizers is being governed by the NBS scheme.

Nutrient Based Subsidy (NBS)

  • It was launched in the year 2010 in continuation of the earlier Concession Scheme (1992).
  • Fertilizers containing primary nutrients (NPK and S) have been included in this scheme. Also, all types of fertilizers containing secondary and micronutrients (except S) are also covered.
  • The subsidy rates are decided on the recommendation of the Inter-Ministerial Committee. This subsidy is released directly to the fertilizer companies.
  • Companies provide fertilizers to farmers at affordable prices.

Government’s initiative to reduce the burden of subsidy

  • Production of High Efficiency Nano Urea (Liquid) Fertilizer has been started.
  • One Nation, One Fertilizer (ONOF) scheme has been announced.
  • Soil Health Card scheme has been started for efficient use of fertilizers.

Source – The Hindu

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