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