The Union Cabinet on Wednesday approved a subsidy of Rs 60,939.23 crore for phosphatic and potassic fertilisers, including DAP, for the first six months of this fiscal as part of efforts to provide soil nutrients to farmers at an affordable price.
The Cabinet also approved an additional funding of Rs 820 crore for India Post Payments Bank (IPPB) that will be utilised for expansion of its services to all post offices in the country. For its part, the Cabinet Committee on Economic Affairs (CCEA) approved a proposal to invest Rs 4,526.12 crore for constructing the 540 MW Kwar hydroelectric project in Jammu & Kashmir.
Briefing the media, Union Minister Anurag Thakur said that out of the little over 1.56 lakh post offices, IPPB, currently operates from 1.3 lakh post offices. He also said the Cabinet has given its in-principle approval for future fund infusion worth Rs 500 crore into IPPB for meeting regulatory requirements and technological upgradation.
"IPPB is going to expand its banking service to 1,56,434 post offices and for decision has been taken to invest Rs 820 crore in it so that the poorest of the poor, mothers and sisters living in rural areas can get access to banking facilities," Thakur said.
He further said the Cabinet has approved a subsidy of Rs 60,939 crore for P&K fertilisers for the first six months of 2022-23 as against the subsidy of around Rs 57,150 crore for these nutrients for the entire last fiscal.
He said the subsidy on DAP has been increased to Rs 2,501 per bag and the farmers will continue to get the DAP at Rs 1,350 per bag. The total cost of a DAP bag is Rs 3,851. The subsidy on DAP has been increased five times to Rs 2,501 per bag from Rs 512 per bag in 2020-21, he added.
The Cabinet also approved the amalgamation of Consultancy Development Centre (CDC) along with its manpower, moveable assets and liabilities with the Council of Scientific and Industrial Research (CSIR).
CSIR and CDC are two separate autonomous bodies under the Department of Scientific and Industrial Research (DSIR), Ministry of Science and Technology.