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India approves $8bn aid for phosphate-based fertilizers

India authorizes $8bn subsidy for phosphate-based fertilizers

BRAND-NEW DELHI: India will provide an aid of Rs 60,940 crore ($7.96 billion) for phosphatic and potash-based fertilisers over the coming months to insulate farmers from greater global costs, information and broadcasting minister Anurag Singh Thakur said.
The aid will cover the period to September 2022. India provided an aid of Rs 57,150 crore for the previous 12 month duration ending March 31, the minister stated.
A subsidy of Rs 2,501 for each 50 kg bag of the crop nutrient diammonium phosphate will retain the price at Rs 1,350 in local markets, the minister stated, detailing the decision taken by the cabinet.
The decision to raise the fertilisers aid was taken after a spike in the prices of crop nutrients in global markets, mainly due to supply chain disturbance after Russia’s intrusion of Ukraine, increased freight and increasing energy expenses.

Released at Wed, 27 Apr 2022 18:46:17 +0000

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