The Union Cabinet is likely to give its approval to the PM PRANAM Scheme today, June 14 (Wednesday), according to a CNBC Awaaz report. It added that the meeting might be approved during the CCEA and Cabinet meetings.
The PM PRANAM (Promotion of Alternate Nutrients for Agriculture Management Yojana) scheme, announced in the Budget 2023-24, aims to encourage the balanced use of fertilisers in conjunction with bio-fertilisers and organic fertilisers.
Through the PM PRANAM, the government also aims to emphasise reducing chemical fertiliser subsidies. Under the scheme, 70 per cent of the grants can be used for asset creation related to the technological adoption of alternate fertilisers and alternate fertiliser production units at the village, block and distric levels.
The subsidy burden on chemical fertilisers, which the scheme aims to reduce, is estimated to reach Rs 2.25 lakh crore in 2022-23 — 39 per cent higher than the 2021 figure of Rs 1.62 lakh crore.