India cut subsidies phosphate potash-based fertilisers

India to cut subsidies on phosphate and potash-based fertilisers

7:35 AM, 3rd May 2013
India to cut subsidies on phosphate and potash-based fertilisers

NEW DELHI/MUMBAI, INDIA: India has decided to cut the subsidies on phosphate and potash-based fertilisers in the fiscal year that began in April in an effort to rein in its fiscal deficit. The cut for the second year in a row will limit Indian fertiliser companies’ ability to pass on falls in global fertiliser prices to local farmers and thereby stem any rebound in consumption of potash and phosphate based fertilisers which fell by nearly 30 per cent last year.

It will also limit India’s imports of potash and phosphate. India imports all its potash and also buys about 90 per cent of its phosphate from abroad. The subsidy for diammonium phosphate (DAP) has been cut by 14 per cent from a year ago to 12,350 rupees ($228.72) per tonne for 2013/14, and for muriate of potash (MoP) by 21.5 per cent to 11,300 rupees ($209.28) per tonne, the government said in a statement. “According to the new rates, the total subsidy for the potash and phosphate fertilisers for the financial year 2013-14 would be reduced by around 15 per cent,” the statement said.

Potash Corp, Mosaic Co, Agrium Inc, Uralkali, Arab Potash Co, ICL Israel Chemicals and K+S AG are among the major potash suppliers to India. Moroccan phosphate producer Office Cherifien des Phosphates, PhosChem and Russian fertiliser group Phosagro are key DAP suppliers to India.

© Reuters News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Styron to reduce styrene butadiene latex capacity in Europe

HORGEN, SWITZERLAND: Styron Europe GmbH, leader in the production of Styrene Butadiene (SB) latex, announced a reduction in the manufacturing capacity ...

Read more
World’s smallest movie features individual atoms

CALIFORNIA, US: A Boy and His Atom: The world’s shortest movie, literally, has taken the idea of Molecular levels. IBM has made the tiniest stop ...

Read more
Fluor bags Dow’s US Gulf Coast contract

IRVING, US: Fluor Corporation was awarded a contract by The Dow Chemical Company to execute a significant portion of its US Gulf Coast investments. Fl ...

Read more
Frutarom acquires South African firm for $5.2 million

HAIFA, ISRAEL: Frutarom Industries Ltd has signed an agreement for the acquisition of the South African JannDeRee (Pty) Limited company for the sum ...

Read more
Gevo gets patent for foundational methods of isobutanol production

ENGLEWOOD, US: Gevo Inc has been issued a new patent, US Patent No. 8,431,374 (‘374 Patent), covering the foundational methods for low-cost is ...

Read more
Melrob receives CBA Responsible Care Award

CRAWLEY, UK: Melrob is the recipient of this year’s prestigious Responsible Care Award sponsored by the Chemical Business Association (CBA). Th ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X