Cabinet clears hike in subsidy for sulphur-based fertilisers

New Delhi: In a farmer-friendly step, the Union Cabinet headed by Prime Minister Narendra Modi on Wednesday approved a hike in the subsidy for sulphur-based fertilisers to check rampant usage of nitrogen-phosphorous-potassium fertilisers and ensure better soil health.

While briefing reporters about the decisions taken by the Cabinet, Information and Broadcasting Minister Prakash Javedekar said that Cabinet has also cleared the Chit Funds (Amendment) Bill, 2019 to reduce compliance burden of the registered chit funds industry as well as to protect the interest of subscribers.

The Union Minister said that India would sign the UN Convention on International Settlement Agreements, which would be yet another step to improve the confidence of entrepreneurs in India by improving the ease of doing business.

"The move aims to send a positive signal to foreign investors about India's commitment to adhere to the international practice on alternative dispute resolution," the Union Minister said.

For fertilisers, the CCEA approved nutrient-based subsidy (NBS) rates for phosphatic and potassic (P&K) fertilizers for 2019-20. The subsidy bill is likely to be around Rs 22,875.50 crore in 2019-20. For sulphur-based fertilisers, the government will provide a subsidy of Rs 350/100 kgs, up from Rs 277/100 kg, Javedekar said.

In another important decision, the Cabinet has approved the setting up of ISRO Technical Liaison Unit (ITLU) at Moscow eyeing Russian partnership for 2022 Gaganyaan Mission.

The ISRO Technical Liaison Unit (ITLU) at Moscow will enable effective technical coordination for timely interventions on diversified matters with Russia and neighbouring countries for realization of the programmatic targets of ISRO, Javadekar said.