Key Points
Government's fertiliser subsidy bill is likely to decline 30-34% to 1.7-1.8 lakh crore this fiscal due to a reduction in global prices and lower imports of urea, said Mansukh Mandaviya, fertilizer minister, adding that the Red Sea tension will not affect fertilizer availability as India has enough stock.. "Subsidy is expected to be lower this year because of fall in global prices..
We have not increased retail prices to reduce subsidy," he said, adding that subsidy bill is estimated around 1.7-1.8 lakh crore...
Last year government's subsidy burden rose as global prices skyrocketed due to Russia-Ukraine war...
The geopolitical tension around the Bab-el-Mandeb Strait, a crucial sea route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean has escalated due to attacks by Houthi militants, forcing ship to take a longer route around Cape of Good Hope pushing up fertilizer prices and shipping time...
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