In a series of pivotal decisions, the Union Cabinet, presided over by Prime Minister Narendra Modi, has given its nod to proposals that are set to significantly bolster various sectors.
#Cabinet approves Nutrient Based Subsidy (NBS) rates for RABI Season, 2023-24 (from 01.10.2023 to 31.03.2024) on Phosphatic and Potassic (P&K) fertilizers
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— PIB India (@PIB_India) October 25, 2023
1. Subsidy Rates for Phosphatic and Potassic (P&K) Fertilizers Fixed for Rabi Season 2023-24
The Cabinet, chaired by Prime Minister Narendra Modi, has approved the Department of Fertilizers’ proposal to set the Nutrient Based Subsidy (NBS) rates for the Rabi Season 2023-24. This subsidy will be applicable from October 1, 2023, to March 31, 2024, on Phosphatic and Potassic (P&K) fertilizers.
For the upcoming Rabi season, an estimated expenditure of Rs. 22,303 crore has been earmarked for NBS. This crucial move ensures that farmers have access to P&K fertilizers at subsidized rates, promoting agricultural productivity.
Benefits:
- The subsidy guarantees the availability of fertilizers to farmers at affordable prices.
- Rationalization of subsidy on P&K fertilizers aligns with recent trends in international fertilizer and input prices.
2. Jamrani Dam Multipurpose Project to Transform Uttarakhand
The Cabinet Committee on Economic Affairs has granted approval for the inclusion of the ambitious Jamrani Dam Multipurpose Project in Uttarakhand under the Pradhan Mantri Krishi Sinchayee Yojana-Accelerated Irrigation Benefit Programme (PMKSY-AIBP).
This transformative project carries a dual mandate. It aims to generate 14 MW of power, contributing significantly to India’s energy needs. Simultaneously, the project seeks to provide a substantial 43 million cubic meters of drinking water to Haldwani and nearby areas, addressing the critical need for both energy and clean water resources.
3. Strengthening India-Japan Semiconductor Supply Chain Partnership
The Union Cabinet, under the leadership of Prime Minister Narendra Modi, was apprised of a Memorandum of Cooperation (MoC) signed in July 2023 between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Economy, Trade, and Industry of Japan. This MoC focuses on the Japan-India Semiconductor Supply Chain Partnership.
The MoC intended to strengthen cooperation between India and Japan, recognizing the crucial role of semiconductors in advancing industries and digital technologies. It is set to come into effect from the date of signature and will remain in force for five years.
The collaboration will spans both government-to-government (G2G) and business-to-business (B2B) domains, offering promising opportunities to fortify the semiconductor supply chain and leverage each nation’s unique strengths. Furthermore, it is expected to create employment opportunities in the field of information technology, fostering growth in this critical sector.
