India's fertilizer subsidy bill is set to overshoot the budgeted amount of ₹1.75 trillion by ₹50,000 crore to ₹2.25 tn in the current financial year, chemical and fertilizers minister Mansukh Mandaviya said on Wednesday.
As part of the overall amount, the Cabinet approved a subsidy of ₹1.08 trillion for the 2023-24 kharif season in a meeting.
In the Union budget 2023-24, the subsidy on fertilizers had been cut to ₹1.75 trillion from the last year's revised estimates of ₹2.25 trillion.
The Union cabinet approved ₹38,000 crore for phosphatic and potassic (P&K) fertilizer subsidy. This will take the total fertilizer subsidy for the 2023-24 (April-September) Kharif season to ₹1.08 trillion, including ₹70,000 crore of urea subsidy earmarked in the Budget for the Kharif season 2023-24.
"A total of ₹1.08 trillion will be spent on fertilizer subsidy for the Kharif season (April-September)," he said after the cabinet meeting.
The price of urea at present is ₹276 per bag and Diammonium phosphate (DAP) is ₹1,350 per bag. The subsidy is likely to benefit about 120 million farmers.
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