Half yearly review of nutrient-based subsidy rates approved
The Cabinet Committee on Economic Affairs which is headed by PM Narendra Modi has approved a half-yearly review of the nutrient-based rates of phosphate and potassium fertilizers. Hitherto these were reviewed annually. Futhermore, the Committee also reached a decision to keep the current subsidy rates of nitrogen, phosphorus, potash and sulphur based fertilizers for the next 6 months.
The Committee also reached another significant decision to ensure that any fall in international prices will be reflected by the Indian companies by a reduction in minimum retail price. The fall in international prices was seen in the Indian markets in July as the MRP of P&K fertilizers was slashed. This will boost the usage of these fertilizers thus ensuring better fertilization and excellent crop yield. Increased yield will also be reflected in increased household income of farmers.