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Systematix Research Report
The Central government has announced the nutrient based subsidy rates for the Rabi season (October 2022 to March 2023), wherein it has slightly reduced the subsidy rates for phosphorus, potash and sulphur nutrients.
However, the subsidy rate for nitrogen has been raised over the Kharif season (April 2022 to Sep-22). These changes would entail a subsidy burden of Rs 518.75 billion on the government, which includes support for indigenous fertiliser through freight subsidy.
We believe government's decision to refrain from making drastic cuts in subsidy rates and merely realigning it to factor in raw material price changes is a move in the right direction.
This should enable the smooth availability of all phosphorous and potash fertilisers to farmers during the rabi season 2022-23 at affordable prices, without destructing demand.
Government continues to bear 65-70% of the cost of DAP fertiliser so that the market price remains unchanged at Rs 27,000/tonne.
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