Amid a sharp increase in global prices of fertilisers, Finance Minister Nirmala Sitharaman on Saturday said the government will provide an additional fertiliser subsidy of Rs 1.10 lakh crore to further cushion farmers from the price rise.
With this, the government’s total fertiliser subsidy is likely to touch a record Rs 2.15 lakh crore in the current 2022-23 fiscal.
“Despite rising fertiliser prices globally, we have protected our farmers from such price hikes. In addition to the fertiliser subsidy of Rs 1.05 lakh crore in the budget, an additional amount of Rs 1.10 lakh crore is being provided to further cushion our farmers,” Sitharaman tweeted.
The fertiliser subsidy bill was estimated at Rs 1.05 lakh crore in the 2022-23 Budget. It stood at Rs 1,62,132 crore in 2021-22.
Chemicals and Fertilizers Minister Mansukh Mandaviya had recently said the total fertiliser subsidy bill could be between Rs 2-2.5 lakh crore in the current fiscal due to a sharp rise in global prices.
India imports urea, potassic and phosphatic fertilisers, while global fertiliser prices have risen due to the Russia-Ukraine war.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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