The government provides additional fertilizer subsidy of 1.10 lakh Rs in this fiscal policy: Sitharaman

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

With this, the government’s total fertilizer subsidy is likely to touch a record high Rs 2.15 lakh crore in the current financial accounts for 2022-23.

“Despite rising fertilizer prices globally, we have protected our farmers from such price increases. In addition to the fertilizer subsidy of Rs 1.05 lakh crore in the budget, an additional amount of Rs 1.10 lakh crore is provided to further mitigate our farmers. ” Sitharaman tweeted.

The bill for fertilizer subsidies was estimated at Rs 1.05 lakh crore in the budget for 2022-23. It stood at Rs 1,62,132 crore in 2021-22.

Minister of Chemicals and Fertilizers Mansukh Mandaviya had recently said that the total fertilizer support bill could be between Rs 2-2.5 lakh crore in the current fiscal policy due to a sharp rise in global prices.

India imports urea, potassium and phosphate fertilizers, while global fertilizer prices have risen due to the war between Russia and Ukraine.

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