Fertilizer subsidy to cost 62% more on input costs: Crisil
The Hindu
‘Natural gas will contribute to inflating bill by ₹50,000 crore’
The Centre’s fertilizer subsidy bill is set to soar 62% over the budgeted amount to ₹1.3 lakh crore this fiscal due to the massive rise in raw material prices despite lower demand, says a report.
An unprecedented spike in natural gas prices and other raw materials is set to inflate the fertilizer subsidy bill by a whopping 62% or ₹50,000 crore to ₹1,30,000 crore this fiscal over the budgeted ₹79,530 crore.
This is despite sales volume declining 10% from the record level last fiscal, Crisil said in its report on Monday.
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Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.