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Business News/ News / India/  Fertilizer subsidy allocation raised 62%
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Fertilizer subsidy allocation raised 62%

CCEA also approved the construction of the 540 megawatts Kwar Hydro Electric project in J&K

For the kharif season, the nutrient-based subsidy approved for phosphatic and potassic fertilizers is ₹.60,939 crore.   (REUTERS)Premium
For the kharif season, the nutrient-based subsidy approved for phosphatic and potassic fertilizers is .60,939 crore.   (REUTERS)

The Central government on Wednesday announced nutrient-based subsidy rates for phosphatic and potassic fertilizers for the April to September sowing season to give relief to farmers from rising global commodity prices, information and broadcasting minister Anurag Singh Thakur told reporters.

This translates to a 62% jump in total fertilizer subsidy for FY23 to 1.62 trillion from the 1 trillion allocated initially in the Union budget for FY23.

For the kharif season alone, the nutrient-based subsidy approved for phosphatic and potassic fertilizers is 60,939 crore, an official statement said.

The increase in the international prices of di-ammonium phosphate (DAP) and its raw materials have been primarily absorbed by the government, the statement said. The subsidy on DAP would be 2,501 per bag, up from the existing subsidy of 1,650 per bag, a 50% increase. It will help farmers receive notified phosphorous and potassic fertilizers at subsidized and affordable rates, the statement said.

The Cabinet also approved the continuation of Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) scheme beyond March 2022 till December 2024. The scheme offers collateral-free loans at a subsidized rate. The idea is to support the socio-economic development of street vendors. The approval is expected to benefit nearly 12 million citizens in urban India.

The Cabinet Committee on Economic Affairs (CCEA) also approved the construction of the 540 megawatts Kwar Hydro Electric project in the Union territory of Jammu and Kashmir (J&K) at the cost of Rs.4,526 crore. The project is expected to generate 1,975 million units of electricity and be commissioned in 54 months, an official statement. The project will be implemented by Chenab Valley Power Projects Pvt. Ltd is a joint venture company between NHPC Ltd and Jammu and Kashmir State Power Development Corp. with equity contributions of 51% and 49%, respectively.

Thakur said that power demand in J&K is growing, and the project will make the Union territory power surplus. The project will be on the Chenab river.

The government also cleared the revised cost estimate for setting up the India Post Payments Bank with additional funding of 820 crore for FY21 to FY23. The project outlay has thus been raised from 1,435 crore to 2,255 crore as equity infusion to meet the regulatory requirement.

To enable better internet and data services in Maoist extremism affected areas, the government approved upgradation of 2G mobile sites to 4G, said the statement.

Under the Universal Service Obligation Fund (USOF) project, 2,343 sites will be upgraded from 2G to 4G mobile at an estimated cost of 1,884.59 crore, including operation and maintenance for five years.

The government also decided to open a new Indian Mission in Lithuania.

With inputs from Swati Luthra & Gulveen Aulakh

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Published: 27 Apr 2022, 05:24 PM IST
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