17.8 C
London
Tuesday, August 9, 2022

Fertiliser Subsidy For Farmers Increased To 140%! Farmers Will Buy Fertilizers At Old Rate

The prices of phosphoric acid, ammonia and other items necessary for making fertilizers have spurred up in the international markets. This has resulted in a 60%-70% hike for a single bag of Di-Ammonium Phosphate (fertiliser).

However, the Prime Minister’s Office has announced on Wednesday that the Central Government will be covering up for this increase of prices in the international market, by offering a whopping 140% rise in subsidy on fertilizer prices.

The decision on increasing the subsidy prices by Rs 700 for each bag of DAP comes after a high-level meeting chaired by the Prime Minister yesterday.

Farmers to Get Subsidy of Rs 1200, Up From Rs 500
The international prices for fertilizers have spiked up by 60-70%.

In order to not pass this price hike onto the farmers’ pockets, the Centre has announced that the Indian government will spend an additional Rs 14,775 crore towards this subsidy, pushing the total to around Rs 95,000 crore.

This means that the farmers will continue to get fertilizers at last year’s prices, which is Rs 1200 for one bag of Di-Ammonium Phosphate.

“The welfare of farmers is at the core of the government’s efforts”, stated the PM’s Office.

The farmers will get a subsidy of Rs 1200 on each bag of fertiliser, up from the current subsidy of Rs 500 per bag.

Due to the current hike in prices, each bag of DAP will cost Rs 2,400 to the Government but farmers will continue getting them for Rs 1,200.

“Last year, the actual price of DAP was Rs 1,700 per bag. In which the Central Government was giving a subsidy of Rs. 500 per bag. So the companies were selling fertilizer to farmers for Rs 1200 per bag”, read the PMO statement.

The Prime Minister’s Office said it was the second major decision in farmers’ interest, after the direct transfer of Rs. 20,667 crore in their account under PM-KISAN last month, on the day of Akshay Tritiya.

PM Modi remarked that his government is committed to the welfare of farmers and will take all efforts to ensure that they do not have to face the brunt of price-rise, states NDTV.

Latest news
Related news

LEAVE A REPLY

Please enter your comment!
Please enter your name here