Economy

Govt. giving additional fertilizer subsidy of ₹1.10 lakh crore this fiscal: FM

Amid a sharp increase in global prices of fertilizers, Finance Minister Nirmala Sitharaman on Saturday said the government will provide an additional fertiliser subsidy of ₹1.10 lakh crore to further cushion farmers from the price rise.

With this, the government's total fertilizer subsidy is likely to touch a record ₹2.15 lakh crore in the current 2022-23 fiscal.

"Despite rising fertilizer prices globally, we have protected our farmers from such price hikes. In addition to the fertiliser subsidy of ₹1.05 lakh crore in the Budget, an additional amount of ₹1.10 lakh crore is being provided to further cushion our farmers," Ms. Sitharaman tweeted.

The fertilizer subsidy bill was estimated at ₹1.05 lakh crore in the 2022-23 Budget. It stood at ₹1,62,132 crore in 2021-22.

Chemicals and Fertilizers Minister Mansukh Mandaviya had recently said the total fertilizer subsidy bill could be between ₹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 fertilizer prices have risen due to the Russia-Ukraine war.


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Printable version | May 21, 2022 10:41:15 pm | https://www.thehindu.com/business/Economy/govt-giving-additional-fertilizer-subsidy-of-110-lakh-crore-this-fiscal-fm/article65443556.ece