Union Budget 2023: Fertiliser stocks fall on lower subsidy allocation

Fertiliser stocks had run up over the past few days in anticipation of an import duty cut in the Budget on some key raw materials

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Finance Minister Nirmala Sitharaman on February 1 set aside Rs 1.75 lakh crore for fertiliser subsidies in the budget for the financial year 2023-24, which was 22 percent lower than Rs 2.25 lakh crore for FY23.

Share prices of Chambal Fertilisers, National Fertilisers, GSFC and Rashtriya Chemicals and Fertilisers fell 3-4 percent after the budget documents were released on the completion of the minister’s speech.

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Fertiliser subsidy is the payment made to manufacturers or importers to cover the excess cost of production or import and distribution (or cost of supply) over a low maximum retail price (MRP), which is directed by the Centre, charged from the farmers.