FM announces Rs 65,000-cr fertilizer subsidy for farmers

New Delhi: Finance Minister Nirmala Sitharaman on Thursday announced a Rs 65,000-crore fertilizer subsidy for farmers as part of her stimulus package to boost the economy.

She said Rs 65,000 crore is being provided to ensure adequate availability of fertilisers to farmers and to enable timely accessibility of fertilisers in the upcoming crop season.

She said an additional outlay of Rs 10,000 crore will be provided for PM Garib Kalyan Rozgar Yojana in the current financial year.

This, she said, will accelerate growth of the rural economy.

Sitharaman further said, Rs 3,000 crore will be released to EXIM Bank for promotion of ”Project Exports” through lines of credits.

EXIM Bank extends lines of credits (LOC) on behalf of the government of India as assistance to developing countries under Indian Development and Economic Assistance Scheme (IDEAS) Scheme.