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Govt continues price rollover of P&K fertilizers till March 2022
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SME Times News Bureau | 14 Oct, 2021
The Cabinet Committee on Economic Affairs (CCEA) on Thursday announced
that the increased prices of Phosphatic and Potassic (P&K)
fertilizers approved earlier shall be rolled over for the whole of
2021-22.
The increased prices, vide notification dated May 20
this year, would be applicable from October 1 till March 31, 2022, the
CCEA, chaired by Prime Minister Narendra Modi, decided.
"The
increased international prices of Diammonium phosphate (DAP) have been
absorbed by the Union Government," a release from the Minister of
Chemicals and Fertilizers said.
The Union Government has decided
to increase the subsidy by Rs 438 per bag of DAP as a special one time
package so that farmers can get DAP at the same price.
The
increased international prices of raw materials for production of three
most consumed NPK grades (10:26:26, 20:20:0:13 and 12:32:16) have been
absorbed by the Centre by increasing subsidy by Rs 100 per bag on these
NPK grades as a special one time package so that farmers can get these
fertilizers at affordable prices.
The Centre has brought Potash
Derived from Molasses (PDM) under Nutrient Based Subsidy (NBS) scheme
for the first time since its inception in 2010 to give a push to its
manufacturing by Sugar Mills as a byproduct. This Fertilizer is known as
PDM-0:0:14.5:0.
This move is expected to reduce India's
dependence on 100 per cent import of more than 42 lakh metric tonnes
(LMT) of Mineral based Potash, i.e., MOP which costs around Rs 7,160
crore annually.
This decision will not only improve the income
level of sugarcane growers and sugar mills but also offer Rs 73 subsidy
per 50 kg bag being sold @ Rs 600-800 by fertilizer companies to
farmers.
It is expected that the Union Government will spend Rs
156 crore (approx.) annually as subsidy on the PDM and save a foreign
exchange of Rs 562 crore, the release said.
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