The government has extended the permission for the import of urea through three state-owned fertiliser companies until March 31, 2025, as per a notification by the Directorate General of Foreign Trade (DGFT). The companies are India Potash Ltd (IPL), Rashtriya Chemicals and Fertilizers Ltd (RCF), and National Fertilizers Ltd (NFL).
According to the DGFT notification, the import of urea for agricultural purposes will be allowed either directly by designated state trading enterprises (STEs) or through authorized entities designated by the Department of Fertilizers. The entities will file bills of entry at Indian ports. Urea serves as a crucial source of nitrogen in fertilisers and is vital for the agrochemical industry.
India heavily relies on urea imports, fulfilling thirty percent of its consumption needs through imports. Recently, the government sanctioned a proposal from the department of fertilizers to set the Nutrient Based Subsidy (NBS) rates for the upcoming kharif season concerning phosphatic and potassic (P&K) fertilisers. Additionally, three new fertilizer grades have been included under the scheme.
As reported by msn.com, over the past two-three years, the government has mitigated the impact of high global commodity prices, ensuring stable retail prices for fertilisers. Consequently, this stability has led to consistent fertiliser consumption and a notable increase in agricultural output compared to global consumption trends, which have experienced a decline.
