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Prabhudas Lilladher Report
The Central government in a notification yesterday raised nutrient based subsidy rates for H1 FY23 (applicable till September 2022), wherein subsidy/kilogram of each nutrients i.e nitrogen, potash, phosphorous and sulphur have been revised upwards from Rs 18.8/45.3/10.1/2.4/kg to Rs 92.0/72.7/25.3/6.9/kg in H1 FY23.
Increase in subsidy rates will largely help the industry to mitigate inflated raw material cost without materially increasing maximum retail prices in NPK grades.
Subsidy rates have been revised upwards considering-
sharp increase in raw material prices (like phosphoric acid and ammonia) and
having a check on farm-gate prices and reducing additional burden on farmers.
Further, we understand that this move by government would cost the exchequer an additional Rs 189 billion over and above budgeted amount of Rs 420 billion for NPK fertilisers in FY23.
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