FM Announces Rs 15K Cr Additional Fertiliser Subsidy for Farmers

Finance Minister Nirmala Sitharaman announced eight economic relief measures to revive the COVID-hit farming sector.

Finance Minister Nirmala Sitharaman on 28 June announced a slew of measures to support the COVID-hit agriculture sector.

(Photo: The Quint)

In a bid to support the COVID-hit agriculture sector, Finance Minister Nirmala Sitharaman on Monday, 28 June, announced a slew of measures, including an additional protein-based fertiliser subsidy of nearly Rs 15,000 crore.

The announcement came as a part of eight economic relief measures to revive several sectors hit by the COVID-19 pandemic and the economy.

The exact allocation of Rs 14,775 crore will be provided to farmers for DAP and NPK fertilisers. The existing subsidy was of Rs 27,500 crore given in 2020-21 and has now been increased to Rs 42,275 crore.

Sitharaman also announced a revival package of Rs 77.45 crore for the North Eastern Regional Agricultural Marketing Corporation (NERAMAC).

According to Business Today, the corporation was established in 1982 to support the farmers of the Northeastern region to get remunerative prices of agri-horticultural produces.

The body reportedly has about 75 farmers’ organisations.