Good news for farmers! Subsidy on DAP fertilizer increased by 140%

New Delhi, May 19 (PTI): In a serious pro-farmer choice, the Centre on Wednesday hiked the subsidy on DAP fertiliser by 140 per cent, costing the exchequer a further Rs 14,775 crore, in a bid to make sure the soil nutrient is obtainable to farmers at previous charges regardless of a pointy rise in world costs.        

The choice was taken at a high-level assembly chaired by Prime Minister Narendra Modi, based on a PMO assertion.        

After urea, Di-ammonium Phosphate (DAP) is probably the most broadly used fertiliser within the nation.        

“A historic decision was taken to increase the subsidy for DAP fertiliser from Rs 500 per bag to Rs 1200 per bag, which is an increase of 140 per cent. ….With today’s decision, farmers will continue to get a DAP bag for Rs 1200,” the Prime Minister’s Office (PMO) mentioned.        

Despite the rise in worldwide market costs of DAP, it has been determined to proceed promoting it on the older value of Rs 1,200 per bag, it mentioned.

“The central government has decided to bear all the burden of price hike. The amount of subsidy per bag has never been increased so much at once,” it added.        

Last yr, the precise value of DAP was Rs 1,700 per bag, on which the central authorities was giving a subsidy of Rs 500. The corporations have been due to this fact promoting the fertiliser to farmers for Rs 1,200 per bag, it added.