Russia invaded Ukraine on 24 February, 2022. Its impact is felt in India as the Union Cabinet approved an additional subsidy of Rs 40,000 crore for the upcoming kharif season (AprilSeptember), seeking to shield farmers from any additional burden due to a sharp rise in input costs globally . The substantial increase in subsidy will help compensate Fertiliser companies for selling their products to farmers at lower – than – market prices. It will cover phosphatic, potassium and diammonium phosphate group of crop nutrients.
Against the allocation of Rs 21,000 crore for the first half of the year, the government will now spend Rs 61,000 crore towards subsidy on phosphate-based fertilisers. The hike in Nutrient Based Subsidy (NBS) is likely to push the goernment’s Fertiliser subsidy bill to around 2 lakh crore, based on current price trends. Government officials said in several segments there is a possibility of a further increase in international prices due to the war in Ukraine.
India, the world’s largest buyer of urea & diammonium phosphate, has been hit by a sharp rise in global Fertiliser prices due to supply disruptions. Costlier raw materials, higher freight charges & tighter coal and natural gas supplies due to the Ukraine war are likely to keep fertiliser prices elevated this year.
The following chart shows how the impact of prices is absorbed:
Absorbing the Price Impact
—————————————
Fertiliser subsidy over the years – Figures in Crore Rs.
————————————————————————
Year P & K fertiliser Urea. Total Subsidy
2019-20 26 ,368. 57,109. 83,477
2020-21. 38,990. 99,537. 1,38, 527
2021-22. 57,202. 1,04,982. 1,62,184
2022-23. 60,940. 67,187. 1,28,127
In short earlier the Russian invasion ends, lesser the price impact across the globe, hence the
prayer for early end of Russian conflict with Ukraine!
Latest from Blog
One of the three barges that was carrying about 1,400 tons of Highly Flammable Methanol, got
Boston Red Sox fans are anxiously awaiting the new season, and the team’s press conference on
Epic Cleantec partnered with Devil’s Canyon Brewing Company to create Epic One Water Brew, an unusual
Object 2023 DZ2, a Potentially Hazardous Object, will pass as close as 100,000 miles from Earth
“Forrest Gump Road” is the popular name of US Route 163. “Forrest Gumption Point” is the
The removal of a catalytic converter from a car is a sure signal of trouble, which
The shutdown of a nuclear power plant in Minnesota caused the deaths of at least 230
Chinese space scientists have found a new source of water on the Moon. This finding could
According to penguin experts, penguins are showing the hidden hazards of burning coal & mother fossil
The Joshua tree is a unique and iconic species of the Mojave Desert that is facing
A freight train transporting iron ore derailed in the Mojave Desert on Monday, with no injuries
A system that provides X-ray vision using AR (augmented (Augmented Reality) has been developed by MIT
Katrina Lynn, a Milwaukee needlewoman and textile artist, crafts distinctive outfits out of upcycled items such
On March 24, Trinseo, a company that manufactures various materials, mistakenly released a latex emulsion product
GE HItachi Nuclear Energy (GEH) has partnered with Ontario Power Energy (OPG), Synthos Green Energy (SGE),
36 One Web (OW) satellites were placed in orbit successfully on Sunday, by ISRO, completing the
An all-electrical propulsion system for satellites (the IVO Quantum Drive) will launch to space for the
Crab shell extract has been converted into a bioplastic by scientists from the Anteneo de Manila
A $1.5 million expedition is being planned by Avi Loeb, the Harvard physicist who first identified
Bill Gates, the billionaire businessman and co-founder of Microsoft, raised concerns about AI taking over the