As fertiliser prices continue to rise globally, the Government on Saturday – while announcing a slew of measures to combat inflation – said that it will give an additional fertiliser subsidy of Rs 1.10 lakh crore to insulate farmers from price rise.
With this, the Government’s total fertiliser subsidy is likely to touch a record Rs 2.15 lakh crore in 2022-23.
“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,” Ms Sitharaman had 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.