India approves INR600bn subsidy for phosphate-based fertilizers

• India will provide a subsidy of INR609.4bn for phosphatic and potash-based fertilisers over the coming months to insulate farmers from higher global prices, information and broadcasting minister Anurag Singh Thakur said.
• The subsidy will cover the period to Sep 22, or first half of FY23. India provided a subsidy of INR571.5bn for FY21, the minister said.
• A subsidy of INR2,501 for each 50 kg bag of the crop nutrient diammonium phosphate will retain the price at INR1,350 in local markets, the minister said, detailing the decision taken by the federal cabinet.
• The decision to raise the fertilisers subsidy was taken after a spike in the prices of crop nutrients in global markets, mainly due to supply chain disruption after Russia’s invasion of Ukraine, increased freight and rising energy costs.

External Link : https://www.reuters.com/world/india/india-approves-8-bln-subsidy-phosphate-based-fertilizers-2022-04-27/