The Union Cabinet on Wednesday approved a Rs 1.08 lakh crore-fertiliser subsidy for the 2023-24 Kharif season, a move aimed to ensure that there is no increase in the retail prices of fertilisers.
For the Kharif season, the Cabinet has approved Rs 70,000 crore subsidy for urea and Rs 38,000 crore for DAP and other fertilisers, Fertiliser Minister Mansukh Mandaviya said.
"A total of Rs 1.08 lakh crore will be spent on fertiliser subsidy for the Kharif season (April-September)," he said, and added that there will be no change in the MRP (Maximum Retail Price) of fertilisers.
Currently, the price of urea is Rs 276 per bag and the price of DAP is Rs 1,350 per bag.
The subsidy is likely to benefit around 12 crore farmers.
The Union Cabinet also approved and updated production linked incentive (PLI) scheme for IT hardware and increased the outlay to Rs 17,000 crore.
With inputs from Agencies
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