Cabinet approves Nutrient Based Subsidy rates for Phosphatic, Potassic fertilizers
New Delhi [India], Dec 7 (ANI): The Union Cabinet Committee on Economic Affairs chaired by Prime Minister, Narendra Modi on Wednesday 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 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.
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. (ANI)