Following its recent election, India is expected to reveal its new 2024/25 budget in the third week of July. Reports point to the government upholding the Rs4.1 trillion ($4.9 billion) subsidy allocation issued in its provisional budget in February this year. This amount represents a 7% decrease from 2023/24.
The fertilizer subsidy for this fiscal year is set at Rs1.64 trillion ($2 billion), lower than in 2023/24. A government official noted improvements in fertilizer subsidy management due to reduced import dependency, lower fertilizer prices, and increased domestic production.
The government plans to expand the use of Nano Urea and Nano DAP across all agro-climatic zones, as noted by Finance Minister Nirmala Sitharaman in her interim budget speech.