New Delhi: The Union Cabinet has approved the proposal of the Department of Fertilizers to increase the subsidies for complex fertilisers. The decision was taken at a meeting chaired by Prime Minister Narendra Modi earlier today. Announcing the decision, Union Minister of State for Chemicals and Fertilizers Mansukh Mandaviya said: “The Cabinet hikes subsidy on DAP fertiliser by Rs 700 per bag. This is in addition to the existing Rs 500 subsidy per bag.”
According to the minister, the Cabinet has taken this decision in view of the rising costs of inputs which are primarily imported. The hike in the subsidy amount will cost Rs 14,775 cr to exchequer, he added.
Last year, the price of 50 kg DAP bag was Rs 1,700, on which the central government was giving a subsidy of Rs 500. As a result, the companies were selling the fertiliser to farmers for Rs 1,200 per bag. However, with the rise in global prices, the price of one DAP bag reached as high as Rs 2,400.
The government has decided to increase the subsidy amount to ensure that the farmers get DAP at the old rate of Rs 1,200 per bag, said the minister.
Cabinet approves Deep Ocean Mission
In another major decision, the Cabinet has approved 'Deep Ocean Mission' with a view to explore deep ocean for resources and develop deep sea technologies for sustainable use of ocean resources. Briefing the media on this decision, Union Minister for Information and Broadcasting Javadekar said under the mission, a mineral study will be conducted 6,000 metres deep in the ocean. The mission will also study the changes, if any, noticed due to climate change.
After the US, Russia, France, Japan and China, India will be the sixth country to have this kind of technology, Javadekar added. According to the minister, the Mission will be a major boost not only for start-ups in India but also in line with the Prime Minister’s vision of Atmanirbhar Bharat.
"Design, development and fabrication of specialised equipment, ships and setting up of required infrastructure (for the mission) are expected to spur the growth of the Indian industry, especially the MSME and Start-ups," the government said in a separate release. The estimated cost of the Mission will be Rs 4,077 crore for a period of 5 years. It will be implemented in a phase-wise manner by the Ministry of Earth Sciences (MoES).
