(The Gist of PIB) Cabinet approves Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic fertilizers [AUGUST-2019]

    (The Gist of PIB) Cabinet approves Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic fertilizers [AUGUST-2019]

Cabinet approves Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic fertilizers

• The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of the Department of Fertilizers for fixation of Nutrient Based Subsidy Rates for Phosphatic and Potassic Fertilizers for the year 2019-20.

Key highlights

• The Department of fertilizers is implementing NBS Policy for Phosphatic and Potassic fertilizers w.e.f. 1.4.2010.
• Under the NBS Policy, a fixed rate of subsidy (in Rs. per Kg basis) is announced on nutrients namely Nitrogen (N), Phosphate (P), Potash (K) and Sulphur (S) by the Government on annual basis.
• The per Kg subsidy rates on the nutrient N, P, K, S is converted into per Tonne subsidy on the various P and K fertilizers covered under NBS Policy.
• Any variant of the fertilizers covered under the subsidy scheme with micronutrients namely Boron and Zinc, is eligible for a separate per tonne subsidy to encourage their application along with primary nutrients.
• MRP of P and K fertilizers has been left open and fertilizer manufacturers/marketers are allowed to fix the MRP at reasonable rates. In effect, the domestic prices are determined by demand supply mechanism.

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Courtesy: PIB