Team Adda247 and BankersAdda are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is Centre hikes fertilizer subsidy by 140% for FY 2022.
Centre hikes fertilizer subsidy by 140% for FY 2022
The central government decided to increase the fertilizer subsidy outlay for the year 2022 by 14, 775 crores. The decision has taken in a meeting chaired by PM Narendra Modi on the prices of fertilizers. The budgetary allocation is Rs.79, 530 crores and now it is increased to Rs.94, 305 crores.
In the international market, the prices of fertilizers are considering an increase due to the rising prices of phosphoric acid, ammonia, etc. PM Modi stressed that farmers should get fertilizers at old rates despite the international rise in prices. In the meeting it is also decided to increase the subsidy for diammonium Phosphate (DAP) fertilizer from Rs.500 to Rs.1200 per bag, an increase of 140 percent. The government decided to bear all the burden of the price hike and continue selling it at the older price. With the increase of the subsidy in diammonium Phosphate (DAP) fertilizer Government will spend an additional Rs.14, 775 crores as subsidy in Kharif season,” In 2020-21 as well, the center had increased the fertilizer subsidy outlay from Rs.71, 309 crores to Rs.1.34 lakh crore, a jump of nearly 88 percent.
The central government had asked the fertilizer industry to maintain retail prices of fertilizers at ‘reasonable’ levels because the cost of their raw materials and imports surged due to an uptick in global commodity prices.
Union Minister Agriculture and Farmers Welfare: Narendra Singh Tomar (Morar, Gwalior in Madhya Pradesh)