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Federal Government Plans Rs 1.4 Trillion Aid To Soothe Farmers

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Government might allocate nearly $19 billion in the union budgetto compensate fertilizer companiesIndia is most likely to allocate almost $19 billion in the union spending plan to compensate fertilizer companies for offering their items to farmers at lower than market prices, according to people with knowledge of the matter.The finance ministry has actually penciled in 1.4 trillion rupees ($18.8 billion) as fertilizer subsidy in the budget due February 1, up from 1.3 trillion rupees in the year ending March 31, due to higher raw material costs, the people stated, asking not to be determined as the information is not public.

Discussions are still going on and a decision is yet to be taken.The increased costs comes ahead of important local polls and amid efforts by the ruling Bhartiya Janata Party to win over farmers after dealing with massive protests versus new laws that have actually considering that been ditched.

Nearly 60 per cent percent of India's 1.4 billion population depends on farming straight or indirectly for their income and their support is essential for winning elections.

A finance ministry spokesman was not instantly available for a comment.The federal government had actually substantially raised fertilizer aid in the current year amidst the demonstrations after assigning almost 800 billion rupees in the spending plan unveiled in February 2021.




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