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Moneycontrol.com >> Message Board >> View Messages >> Nagarjuna Fert
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Fertilizer Subsidy to TREBLE this year ! (4)   25-Jul-08 18:22Tracked by (0)  
Posted by:   DUstocks on ( 25-Jul-08 18:22 )
Price : BSE: Rs 37.75 ( -2.58 % ), NSE: Rs. 37.80 ( -2.20 % )

Friday July 25, 05:04 PM Fertiliser subsidy to treble this FY - Paswan
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NEW DELHI (Reuters) - India's fertiliser subsidy this financial year is likely to treble to 1.19 trillion rupees ($28 billion) from a year earlier, and exceed a previous estimate of 950 billion rupees, the fertiliser minister said.

The subsidy was 403.4 billion rupees in the year to March 2008.

Steel, Chemicals and Fertiliser Minister Ram Vilas Paswan told Reuters the subsidy bill had risen due to surging prices of imported ingredients used to manufacture fertilisers, and higher rates for certain grades of fertiliser, which are also imported.

The fertiliser ministry has recommended a ban on exports of sulphuric and phosphoric acids to help reduce firms' input costs, he said on Friday.

Indian fertiliser companies have to sell their products at below market rates to poor farmers.

Paswan said the government was considering a demand from the firms that the subsidy the state provides to cushion the impact should be given in cash instead of bonds.
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