The government on Wednesday annouced a cut of about 15 percent in nutrient-based subsidy (NBS) rates for phosphate- and potassium-based fertilisers for 2013-14 following a fall in global prices. The move could help the government save Rs 5,000 crore.
Finance minister P Chidambaram said that total NBS outgo for 2013-14 will be 15 percent lower due to decline in global prices, however actual subsidy outgo will depend on consumption.
The government of India's per kg NBS rates for fertilisers are as follows: For nitrogen, the NBS rate will be Rs 20.875, for phosphate - Rs 18.679, for potash- Rs 18.333 and for sulphur - Rs 1.677.
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Thus, subsidy on diammonium phosphate (DAP), a widely used phosphorous fertiliser, is fixed at Rs 12,350 per metric tonne and for muriate of potash (MoP) is fixed at Rs 11,300 per metric tonne. This will bring down the retail price on DAP by Rs 1500 per mt and on MoP by Rs 1000 mt.
The government will try to pass on the benefit of lower prices to ultimate consumers or farmers. "The department of fertilisers will put in place a mechanism to ensure that the lower MRP is fixed by the fertiliser manufacturer and benefit of the reduction in international prices and benefit in reduction in MRP is actually transferred to farmer," Chidambaram said in a press conference.
International DAP prices have declined by Rs 3,500 per tonne and international MoP prices have declined by 2,500/tonne.
Under the NBS regime introduced on April 1, 2010, the maximum retail price of 22 varieties of phosphate- and potassium-based fertilisers have been freed. But, the government reimburses companies the difference in cost of selling the soil nutrients at lower price to farmers.
In 2012-13 fiscal, the government had fixed the subsidy on DAP at Rs 14,350 per tonne and on MoP, at Rs 14,400 a tonne. During the April-February period of 2012-13 fiscal, import of DAP stood at 57.79 lakh tonne and that of MOP, at 18.14 lakh tonne.
On average, India consumes 30 million tonne urea and around 25-26 million tonne DAP, MoP and complex fertilisers annually.
(with inputs from agencies)
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