India will present a subsidy of 609.4 billion rupees ($7.96 billion) for phosphatic and potash-based fertilisers over the approaching months to insulate farmers from larger international costs, data and broadcasting minister Anurag Singh Thakur mentioned.
The subsidy will cowl the interval to September 2022. India offered a subsidy of 571.5 billion rupees for the earlier 12 month interval ending March 31, the minister mentioned.
A subsidy of two,501 rupees for every 50 kg bag of the crop nutrient diammonium phosphate will retain the worth at 1,350 rupees in native markets, the minister mentioned, detailing the choice taken by the federal cupboard.
The determination to lift the fertilisers subsidy was taken after a spike within the costs of crop vitamins in international markets, primarily attributable to provide chain disruption after Russia’s invasion of Ukraine, elevated freight and rising vitality prices.
(Reporting by Nidhi Verma and Manoj Kumar;Editing by Elaine Hardcastle)
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