As we step into November 2023, the Indian government emerges as a diligent steward of agricultural prosperity, incurring an expenditure of nearly 78% of the fertiliser subsidy budget, with a whopping INR 1,35,995 Crore utilized. The strategic disbursement includes an impressive INR 86,987 Crore for urea subsidies, constituting an impressive 66% of the urea subsidy budget, while the P&K fertiliser subsidies soar to INR 49,004 Crore, surpassing expectations at 111% of the total P&K subsidy budget. This financial acumen and commitment to fostering agricultural growth underscore the government’s unwavering dedication to nurturing the backbone of our nation—our farmers.
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The Indian government’s proactive approach in revising the fertilizer subsidy budget for the financial year 2023-24 deserves applause, with the estimated increase now standing at an impressive Rs.188,947.29 Crores, surpassing the initial budget estimate of Rs.175,148.48 Crores. Notably, the substantial 37% surge in NBS, expected to reach Rs.60,300 Crores compared to the budgeted Rs.44,000 Crores, showcases a commitment to agricultural growth and sustainability. This strategic adjustment reflects a keen dedication to supporting the agricultural sector and ensuring a robust foundation for India’s agrarian landscape.
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