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    Chart of the day: Fertiliser subsidy may drop below budget estimates in FY24

    The fall in raw material prices accelerated since the Union Budget on February 1

    R. Sree Ram
    March 28, 2023 / 11:12 AM IST
    Chart of the day: Fertiliser subsidy may drop below budget estimates in FY24

    The government has cut the fertiliser subsidy for FY24 by about 22 percent from FY23, tracking the easing input costs. However, the fall in raw material prices has accelerated since the Union Budget was presented on February 1. Consequently, the government’s actual expenditure on fertiliser subsidy can fall below the budget estimates in FY24. In India, prices of ammonia, a key feedstock for urea manufacturing, declined 12 percent month-on-month in February. Prices dropped further in March pulling down the urea...

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