India on Tuesday approved an additional subsidy of 57.16 billion rupees ($757.79 million) for the crop nutrient diammonium phosphate (DAP) to ensure retail prices for farmers remain under check despite a rally in global prices, the government said in a statement.
India is one of the world's leading importers of phosphate-based fertilizers.
New Delhi in May raised the subsidy by 140% for the 2021/22 financial year started on March 1 but phosphate prices have risen sharply in the past few months, putting pressure on local fertilizer makers to raise retail prices for farmers.
($1 = 75.4300 Indian rupees)
