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The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of half yearly review of nutrient based subsidy (NBS) rates for phosphatic and potassic (P&K) fertilisers for 2016-17. “In the interest of farmers, it has been decided to roll over the existing subsidy rates for another six months till the end of the financial year 2016-17,” said CCEA in a press statement.
It has also been decided to ensure that any fall in the international prices should be reflected by the fertilisers companies with subsequent reduction in MRPs.
With fall in international prices, the MRP of P&K fertilisers was reduced in July 2016. The fertiliser companies reduced the 50 kg bag prices of Muriate of Potash (MOP) by Rs 250, di-ammonium phosphate (DAP) by Rs 125 and complex fertilisers by Rs 50.
This is expected to result in increase in consumption of P&K fertilisers which will result in balanced fertilisation. As a result, the yield from the crops will increase resulting in enhanced income to the farmers, added the release.
