Cabinet approves ₹24,474 cr fertiliser subsidy to support farmers

The Union Cabinet chaired by Prime Minister Narendra Modi approved a ₹24,474.53 crore subsidy for phosphatic and potassic (P&K) fertilisers for the rabi season of 2024-25 to ensure farmers have access to affordable crop nutrients. The Cabinet sanctioned the Nutrient Based Subsidy (NBS) rates for the period from October 2024 to March 2025, which will make fertilisers available at reasonable prices for farmers.

Under the NBS scheme, in place since 2010, the government offers subsidies on 28 types of P&K fertilisers through manufacturers and importers. The subsidy rates will be based on international market trends for fertilisers and their components like urea, DAP, MOP, and sulphur. The financial outlay for this initiative is estimated at ₹24,475 crore for the season.

The Cabinet, meanwhile, also greenlit a biotechnology scheme, 'Biotechnology Research Innovation and Entrepreneurship Development' (Bio-RIDE), with a budget of ₹9,197 crore. “The scheme is part of the Government of India’s mission to harness the potential of bio-innovation to tackle national and global challenges such as healthcare, agriculture, environmental sustainability, and clean energy,” it states.

Aimed at fostering innovation and entrepreneurship, the scheme is expected to propel India’s bioeconomy by promoting research, product development, and bio-manufacturing.

The government highlighted that Bio-RIDE will focus on synthetic biology, biopharmaceuticals, bioenergy, and bioplastics. The scheme merges two existing programs under the Department of Biotechnology and introduces a new focus on biomanufacturing and biofoundry. It is aligned with the ‘Lifestyle for the Environment (LiFE)’ initiative to to propel mitigation of global climate change by incorporating green and friendly environmental solutions in every aspect of life.

The government envisions Bio-RIDE as a key driver in making India a $300-billion bioeconomy by 2030, with a particular emphasis on skilling students, researchers, and entrepreneurs in cutting-edge biotech fields. The initiative is seen as a stepping stone towards achieving the long-term goal of ‘Viksit Bharat 2047.’