The government has approved a new scheme called PM-PRANAM to promote the use of sustainable fertilizers and reduce the use of chemical fertilizers. They have also extended the urea subsidy program for three more years and allocated a budget of Rs 3.68 lakh crore. In addition, the government has approved a subsidy of Rs 1,451 crore to promote organic manure, bringing the total package to over Rs 3.70 lakh crore.
As part of the PM-PRANAM scheme, the government will incentivize states that adopt alternative fertilizers by providing them with the subsidy saved from reducing the use of chemical fertilizers. The total outlay for innovative schemes for farmers under this scheme is Rs 3,70,128.7 crore.
The urea subsidy program will continue, ensuring that farmers have access to fertilizer at a consistent price. A total of Rs 3,68,676.7 crore has been allocated for urea subsidy over the next three years. Additionally, a nutrient-based subsidy of Rs 38,000 crore has been approved for phosphatic and potassic fertilizers for the Kharif season of 2023-24.
To tackle sulphur deficiency in the soil, the government has decided to introduce sulphur-coated urea in India for the first time. This type of urea is more cost-effective and efficient compared to conventional urea.
Under the PM-PRANAM scheme, there will also be a subsidy of Rs 1,500 per tonne to support the marketing of organic fertilizers such as Fermented Organic Manures (FOM), Liquid FOM, and Phosphate Rich Organic Manures (PROM) produced from Biogas Plants or Compressed Biogas (CBG) Plants.
The government emphasizes its commitment to supporting farmers and highlights that over Rs 6.30 lakh crore has been provided in 2022-23 under various schemes. This translates to an average benefit of Rs 52,574 per farmer and Rs 18,108 per acre, benefiting a total of 12 crore farmers in the country.
