The government on Wednesday approved a subsidy of Rs 62,370 crore for phosphatic and potassic (P&K) fertilisers for the 2026-27 rabi season, a 64 per cent increase from a year earlier, as it seeks to shield farmers from rising global fertiliser prices.The estimated outlay is Rs 24,418 crore higher than the Rs 37,952 crore allocated for the previous rabi season, according to an official statement.The revised rates under the Nutrient Based Subsidy (NBS) scheme will be applicable from October 1, 2026, to March 31, 2027.“The Centre has approved a 64 per cent year-on-year increase in fertiliser subsidies for the ongoing rabi season to Rs 62,370 crore, as it seeks to keep farm input costs affordable amid volatile global prices,” the statement said.The move, however, could put pressure on the Centre’s fertiliser budget for the 2026-27 financial year (FY27), potentially necessitating additional allocations. The increase comes after rice acreage declined by 3.46 per cent year-on-year during the 2026 kharif season and ahead of the next sowing cycle, when wheat, pulses and oilseeds are the main crops.The higher subsidy comes amid volatility in international fertiliser and raw material prices, including those of di-ammonium phosphate (DAP), muriate of potash (MOP) and sulphur.The government has retained special provisions to ensure that DAP is available to farmers at Rs 1,350 per 50-kg bag, over and above the NBS subsidy.The approved NBS rates for the four nutrients are Rs 94.21 per kg for nitrogen, Rs 66.11 for phosphorus, Rs 2.38 for potash and Rs 10.42 for sulphur.Announcing the decisions, Union Minister Ashwini Vaishnaw said India had fertiliser stocks of around 23.5 million tonnes, against an estimated requirement of 35 million tonnes for the rabi season. The higher subsidy, he said, was aimed at ensuring adequate supplies of essential nutrients at affordable prices for farmers.The subsidy package also includes a support mechanism for domestic manufacturers of sulphur-based fertilisers. Under the scheme, manufacturers will receive support equivalent to 20 per cent of the actual procurement cost, subject to floor prices of $800 per tonne for sulphur and $266.67 per tonne for sulphuric acid, the minister added.According to official data, total fertiliser stocks stood at 23.52 million tonnes as of Tuesday, compared with 17.35 million tonnes a year earlier. Urea stocks rose to 10.31 million tonnes from 7.21 million tonnes, while DAP stocks increased to 2.86 million tonnes from 2.48 million tonnes. NPK fertiliser stocks climbed to 6.08 million tonnes from 4.24 million tonnes.The Centre currently makes 28 grades of P&K fertilisers, including DAP, available to farmers at subsidised prices through fertiliser manufacturers and importers.Stand-Up India scheme extended till 2031The Union Cabinet on Wednesday approved the continuation of the Stand-Up India scheme for another five years to help women, Scheduled Caste (SC) and Scheduled Tribe (ST) entrepreneurs start new businesses. The scheme has been extended till March 31, 2031, with a credit guarantee corpus of Rs 4,111 crore. It aims to provide financial assistance to at least 2.5 lakh additional entrepreneurs over the next five years.Rs 3,230 crore for Yuge Yugeen Bharat Museum projectThe Cabinet on Wednesday approved a Rs 3,230-crore project to develop the Yuge Yugeen Bharat Museum in the historic North and South Block buildings in New Delhi.The proposal was appraised by the Public Investment Board (PIB) on July 27, and the Ministry of Culture has concurred with its recommendations.Announced by the Prime Minister on May 18, 2023, the museum will showcase India’s civilisational journey and its tangible and intangible cultural heritage.