Cabinet approves Rs 1.08 lakh crore fertiliser subsidy for April-September kharif season

Cabinet approves Rs 1.08 lakh crore fertiliser subsidy for April-September kharif season

Daily Current Affairs   /   Cabinet approves Rs 1.08 lakh crore fertiliser subsidy for April-September kharif season

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Category : Business and economics Published on: May 19 2023

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  • The Union Cabinet on May 17 approved an Rs 1.08 lakh crore package for fertiliser subsidy for the April-September kharif season.
  • Of the Rs 1.08 lakh crore subsidy, Rs 70,000 crore is for urea and Rs 38,000 crore for Di-ammonium Phosphate, or DAP.
  • As per the 2023-24 Budget documents, the revised estimate for the fertiliser subsidy given in 2022-23 is Rs 2.25 lakh crore.
  • However the Centre's fertiliser subsidy bill in 2022-23 was Rs 2.54 lakh crore.
  • Currently, the price of urea is Rs 276 per bag and the price of DAP is Rs 1,350 per bag. The subsidy is likely to benefit around 12 crore farmers
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