The Cabinet is said to have given its approval for a significant 35 percent cut in the nutrient-based subsidy for fertilisers, CNBC-Awaaz reported citing sources. The decision is expected to have a considerable impact on the agriculture sector and fertiliser industry, they said.
Furthermore, the cabinet is also believed to have sanctioned a subsidy reduction for DAP (Diammonium Phosphate) and MOP (Muriate of Potash) fertilisers.
Reportedly, the specific details of the subsidy reduction for these fertilisers are yet to be disclosed, but it is anticipated that this move will have far-reaching implications for farmers and the overall fertiliser market.
The new subsidy scheme is anticipated to be applicable for the period between April and September. This six-month period will be crucial for farmers as they rely heavily on fertilisers during this time for crop cultivation and yield enhancement. The impact of the subsidy cuts on farmers’ affordability and agricultural productivity remains a matter of concern.
In addition, the cabinet is reportedly considering the approval of a Rs 17,000 crores Production Linked Incentive (PLI) scheme for IT hardware. This initiative aims to boost the domestic manufacturing of IT hardware and promote self-reliance in the technology sector. The potential approval of this scheme is expected to create new opportunities and stimulate growth in the IT industry.
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