“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020 Lok Sabha Secretariat (LARRDIS) New Delhi BACKGROUND NOTE ON “Tax Structure on fertilizers sector in terms of GST and import duties analysis of the tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” (For the use of the Standing Committee on Chemicals and Fertilisers) November 2020 ____________________________________________________________________________ The brief note is intended to serve only as a background aid to the Standing Committee on Chemicals and Fertilisers. It is for restricted circulation and not for publication in any form. [Prepared by the Educational & Scientific Affairs Wing of the R&I Division. Officers associated with the preparation - Babulal Naik, Additional Director;Ms. Namita Kumari, RO; supervised by Shri Pradosh Panda, Director. Feedback is welcome and may be sent to [email protected]]
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“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS
tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020
Lok Sabha Secretariat
(LARRDIS)
New Delhi
BACKGROUND NOTE
ON
“Tax Structure on fertilizers sector in terms of GST and import duties
analysis of the tax structure of raw material and final products and its
impact on self-sufficiency and use of fertilizers”
(For the use of the Standing Committee on Chemicals and Fertilisers)
“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS
tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020
Introduction
India will surpass China as the world’s most populous country by 2027 and
by 2050, India will have a population of 170 crore (1.7 billion). Requirement of
food grains by 2050 will be 400 million tonnes against the current production of
285 million tonnes. India has to grow more and more food from shrinking
agriculture land. Thus, food security of the ever-expanding population will remain
an important national agenda for our country. Fertilisers have played a key role in
the success of India’s green revolution and subsequent self reliance in food grain
production. The increase in fertiliser consumption has contributed significantly to
sustainable production of food grains in the country. As a result , the demand of
fertilisers has witnessed double digit growth rates over the past several year.In
view of huge requirement of nutrients, the total nutrient needs of Indian soils
cannot be met only through organic and bio sources. This is particularly true in
view of inadequate availability of organic manures and very low levels of nutrient
content in the organic fertilizers. Chemical fertilizers will thus continue to play a
major role.1
Chemical fertilizers have played an important role in making the country
self‐ reliant in food grain production. The role of Government of India has been
significant as the Government has been consistently pursuing policies conducive to
increased availability and consumption of fertilizers at affordable prices in the
country.Requirement of total fertilizer nutrients is estimated to be around 60
million tonnes by 2050 (comprising of 45 million tonnes of chemical fertilizers and
15 million tonnes of organic and biofertilizers) as against the current nutrient
consumption of 34 million tonnes (containing 27 million tonnes of chemical
1 Fertiliser Marketing News, July 2016
“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS
tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020
fertilizers and 7 million tonnes of organic and bio-fertilizers).2 India switched over
to Goods and Services Tax (GST) in 2017, bringing all economic activities,
including those related to agricultural sector under its ambit. Following are the
various types of GST.CGST –Central GST, SGST –State GST and IGST –
Integrated GST3 . Thus, GST is perhaps the biggest tax-related reform in India
since Independence bringing uniformity in the taxation structure and eliminating
the cascading of taxes that was levied in the past. The GST Council meets from
time to time to revise the GST rates for various products. Several states and
industries recommend reduction in GST tax rate for various items which are
discussed in these meetings.
Indian Fertilizers Industry and Key raw Material
India is the second largest consumer of fertilisers in the World with an
annual consumption of more than 55 million metric tons . Among the various types
of fertilisers used in India , urea is one of the highest consumed fertilisers in the
country as a source of nitrogen. The consumption of urea in the country in 2019
was 29 million tons. DAP is the second major consumed fertilizer in the country.
Looking forward the Indian Fertiliser market is by 2024 growing at a CAGR of
12.3 % during 2019-2024 .The Indian fertilisers market is expected to witness a
CAGR of 11.9% during the forecast period 2020-2025.The Indian fertiliser market
was worth INR 6.258 billion in the year 2019.4The fertilizer sector would cover not
merely the fertilizer industry but also certain activities in the agricultural sector,
which are very intimately linked with the production and distribution of
2 The Fertilizer Association of India, New Delhi ,29th November 2019. 3 Agricultural Economics Research Review 2018 4https://www.indianmirror.com/indian-industries/2020/fertilizer-2020.html
“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS
tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020
regime, tax structure on fertilizers has been prescribed on the lines of pre-GST tax
incidence. The wording of the GST notification is similar to the central excise
notification except certain changes to meet the requirements of GST. These
changes were necessitated as GST is applicable on the supply of goods while
central excise duty was applicable on manufacture of goods. Accordingly,
fertilizers falling under heading 3102, 3103, 3104 and 3105, other than those which
are clearly not to be used as fertilizers, attract 5% GST 12. However, the fertilizers
items falling under the above mentioned headings, which are clearly not to be used
as fertilizer attract 18% GST .13The intention has been to provide concessional rate
of GST to the fertilizers which are used directly as fertilizers or which are used in
the manufacturing of complex fertilizers which are further used as soil or crop
fertilizers. The phrase “other than clearly to be used as fertilizers” would not cover
such fertilizers that are used for making complex fertilizers for use as soil or crop
fertilizers.Thus, it is clarified that the fertilizers supplied for direct use as
fertilizers, or supplied for use in the manufacturing of other complex fertilizers for
agricultural use (soil or crop fertilizers), will attract 5% GST.14The Goods and
Services Tax has the potential to drastically reduce transaction costs owing to
elimination of cascading effect of tax-on-tax and withdrawal of a host of local
levies and substantially increase efficiency across the supply chain as interface
with multiple authorities over a number of geographical locations gets
eliminated.15
Inverted duty structure is a situation where import duty on finished goods is low compared to the
import duty on raw materials that are used in the production of such finished goods. When the import
12[S. No. 182A to 182D of the First schedule to the notification No.1/2017-Central Tax (Rate) dated 28.06.2017]. 13[S. No. 42 to 45 of the III schedule to the notification No. 1/2017 Central Tax (Rate)]. 14Circular No. 54/28/2018-GST,F. No. 354/255/2018-TRU (Part-2),Government of India,Ministry of Finance, Department of Revenue,dated 9th august 2020.
“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS
tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020
In some cases, fertilizers are not exactly used for agriculture or similar
purposes. For instance, some fertilizers are used for industrial purposes and other
things. Under GST, all such kinds of fertilizers will be taxed at the rate of 18%.
Issues with the Tax in the Fertiliser Industry
There are number of issues which remain cause of concern. These inter-alia
include concessional rate of GST for fertilisers and inputs, timely refund of
unutilized input tax credit for fertilisers sector, problems due to non- inclusion of
natural gas and petroleum products under GST and the issue of basic customs
duty on materials increase the cost of domestic P & K fertilisers in light of large
import dependence.Basic customs duty on raw materials will continue as a cost
to the industry because basic customs duty is not covered under GST and hence
input tax credit against such taxes and duties will not be allowed. Similarly,
petroleum products like natural gas, petrol and diesel will be brought under
GST at later stage as and when GST Council decides so. Therefore, the existing
taxes and duties on these products would continue to be levied without credit for
such taxes under GST regime. This means cascading effect of taxes on these
products would continue to increase the cost to the industry. In case of urea,
natural gas constitutes major portion (75%) of the cost of production. Further,
levy of higher than the existing rate of taxation on fertilisers as well as on inputs
would also result in either increase in retail price to the farmers or increase in
subsidy out go or both. Refund of accumulation of input tax credit for fertiliser
sector is also a major issue. Fertiliser industry apprehends large amounts of
accumulated input tax credit. It islikely to arise due to inverted duty structure if
rate of GST on inputs are higher than the rate of GST on finished fertilisers. This
could add upto several thousand crore perannum. Any delay in this refund will
increase the working capital requirement and hence interestcost. Large amounts of
input tax credit will also arise due to lowertax incidence on fertilisers (as subsidy is
“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS
tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020
excluded from taxable value) than that on inputs (which would be taxed at full
value) evenif the rate of tax is same on input and output. There is no provision for
refund of this amount which can also run into thousands of crores. Provision of
refund on these two accounts should be same as has been provided for export. This
will ensure prompt refund and avoid the increase in cost of supply of this vital
agriculture which is highly subsidised by the Government of India. Government
can decide on the concessional rate (at lowest level applicable for goods of
common consumption) of GST for fertilizers and inputs.There is need for
clarification regarding GST and taxable value of urea imported on government
account and sold to fertiliser companies on high seas for further handling and
distribution. Transportation of fertilizers hitherto exempt from levy . Therefore,
there should not be any GST on fertiliser transportation to avoid the increase in
delivered cost of fertilisers.The pilot project for Direct Benefit Transfer (DBT) of
fertiliser subsidy is under implementation in several districts.
Government is pushing to expand this to the entire country in days to come.
Simultaneous implementation of GST and DBT may affect smooth conduct of
retail business and hence availability of fertilisers to the farmers. GST is a much
bigger reform applicable to all economic activities of the country and should get
precedence over DBT. Therefore, it would be highly appropriate to postpone DBT
in fertiliser sector by a year or so to facilitate smooth implementation and
stabilisation of GST regime20. The recent reduction of the GST on fertiliser-grade
phosphoric acid to 12% from 18% earlier is likely to be marginally positive for
fertilizer manufacturers as it will benefit them in terms of lower input tax credits
that will result in lower working-capital blockage, says ratings agency ICRA.21 The
18% tax rate earlier on phosphoric acid and ammonia vis-a-vis the 5% tax rate on
20 Article on fertiliser Subsidy by Satish Chander 21https://economictimes.indiatimes.com/industry/indl-goods/svs/chem-/-fertilisers/fertilizer-companies-to-benefit-
“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS
tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020
Note 2019-20 figures have been sourced from CGA and are Provisional; A-Actuals; BE Budget
Estimates
The fertilizer subsidy to be disbursed during FY21 has been reduced by 12.1% to
Rs 71,309 crore which could be insufficient for the fertiliser industry which has
time and again faced issues regarding inadequate subsidy provisioning. This could
lead to a subsidy backlog, thereby impacting the liquidity position of the industry.
If prices of raw materials (particularly of natural gas) are to rise during the year,
this could prove to be problematic and challenging for the government. Within the
subsidy Rs 47,805 crores has been earmarked as the urea subsidy and the
remaining Rs 23,504 crores has been earmarked for the nutrient based subsidy.This
means cascading effect of taxes on these products would continue to increase the
cost to the industry. In case of urea, natural gas constitutes major portion (75%) of
the cost of production. Further, levy of higher than the existing rate of taxation on
fertilisers as well as on inputs would also result in either increase in retail price to
the farmers or increase in subsidy out go or both. Refund of accumulation of input
tax credit for fertiliser sector is also a major issue. Fertiliser industry apprehends
large amounts of accumulated input tax credit. It is likely to arise due to inverted
duty structure if rate of GST on inputs are higher than the rate of GST on finished
fertilisers. This could add upto several thousand crore per annum. Any delay in this
refund will increase the working capital requirement and hence interest cost. Large
“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS
tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020
amounts of input tax credit will also arise due to lower tax incidence on fertilisers
(as subsidy is excluded from taxable value) than that on inputs (which would be
taxed at full value) even if the rate of tax is same on input and output. There is no
provision for refund of this amount which can also run into thousands of crores.
Provision of refund on these two accounts should be same as has been provided for
export. This will ensure prompt refund and avoid the increase in cost of supply of
this vital agriculture input, which is highly subsidised by the Government of India.
Government can decide on the concessional rate (at lowest level applicable for
goods of common consumption) of GST for fertilisers and inputs. There is need for
clarification regarding levy of GST and taxable value of urea imported on
government account and sold to fertiliser companies on high seas for further
handling and distribution. Transportation of fertilisers hither to has been exempt
from levy of taxes. Therefore, there should not be any GST on fertiliser
transportation to avoid the increase in delivery cost of fertilisers. GST is a much
bigger reform applicable to all economic activities of the country and should get
precedence over DBT. It would be highly appropriate to postpone DBT in fertiliser
sector by a year or so to facilitate smooth implementation and stabilisation of GST
regime.24The fertilizer subsidies are borne by the Central Government. The need
for the fertilizer subsidy arises from the nature of fertilizer pricing policy of the
government. The fertilizer price policy is being governed with two objectives i.e
making fertilizer available to farmers at a low and affordable price to encourage
their use and increase production and ensuring fair returns on the investment made
by the fertilizer industry to attract more investment in the fertilizer industry.
To fulfil the first objective, the government has been keeping the selling prices of
fertilizers static and uniformly low throughout the country.As far as the second
objective is concerned, the government had come up with the policy of “Retention
24 Article by Satish Chander on Fertiliser Industry
“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS
tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020
Price Scheme” in the year 1977. Under RPS, the government fixes a fair ex-factory
retention price for various fertilizers of different manufacturers. The Government
pays the manufacturers their cost of production along with a profit margin of 12
percent (post tax) if the factory utilises the 90 percent of the installed capacity.
Under the fertilizer pricing policy, the farmer gets the fertilizer at a pre-determined
low rate called maximum selling price. The manufacturer was paid an amount
called Retention Price which is fixed at a high level so that manufacturer can cover
his cost and yet leave a 12 percent profit.25
Import Duty Analysis of the Tax Structure of the Raw materials and final
products of the fertiliser Industry
Overall fertilizers production has increased by 2.7% during FY20 after
registering muted growth in the last three fiscal years. Improvement in demand due
to a good southwest monsoon which resulted in higher sowing aided the increase in
production. Imports have increased sharply by 16.6% supported by the increase in
urea imports which constituents around 40% of the overall fertilizer imports. Sales
too have increased by 22% buoyed by a good monsoon and harvest season.
Production of urea increased by 1.3%. Overall sales of fertilizers have increased
sharply by 45.1% during the first two months of FY21. Sales of urea, DAP and
MOP have increased by 26.8%, 95.2% and 48.5%. Panic buying by farmers and
dealers coupled by the low prices of the commodity have led to increased sales of
fertilisers. Farmers are currently stocking up fertilizers for the on-going Kharif
season and are building up stocks in order to avoid any later logistical issues which
might be faced due to the coronavirus pandemic. A favourable monsoon forecast
ahead of the main kharif application season too has augmented the demand.
Imports of urea have increased sharply by 94.3% while and on the other hand 25https://www.civilsdaily.com/types-of-farm-subsidies-in-indian-agriculture-irrigation-and-power-subsidies-
fertilizer-subsidy-seed-subsidy-credit-subsidy/
“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS
tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020
imports for DAP and MOP fell sharply by 51.3% and by 31% respectively during
April 2020.26
All Sales figures are April-May; Production and Imports are of the month of April 2020
Production has increased marginally on account of efficiencies of scale achieved
by urea manufacturers even with the temporary shutdown of certain manufacturing
units during the year. Imports have risen by 22.5% to counter the shortfall in
domestic production. Import dependence of urea (imports as a proportion of
production plus imports) has increased to 27% (from it being 24% during FY19).
India mainly imports Urea from Oman, Iran and China. Offtake during the year has
been positive and has increased by 16.7%.27
Tariff Item Description of goods Unit Rate of duty
Standard Prefer- ential
Areas
26 Care Ratings Industry Research : Fertiliser Industry 27 Care ratings :Industry Research
“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS
tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020
(1) (2) (3) (4) (5)
3101 ANIMAL OR VEGETABLE FERTILISERS, WHETHER OR NOT
MIXED TOGETHER OR CHEMICALLY TREATED; FERTILISERS PRODUCED BY THE MIXING OR CHEMICAL TREATMENT OF
ANIMAL OR VEGETABLE PRODUCTS
3101 00 - Animal or vegetable fertilisers, whether or not
mixed together or chemically treated; fertilisers
produced by the mixing or chemical treatment of
--- animal or vegetable products :
- 3101 00 10 Guano kg. 10% --- Other : 3101 00 91 ---- Animal dung kg. 10% - 3101 00 92 ---- Animal excreta kg. 10% -
3101 00 99 ---- Other kg. 10% - ____________________________________________________________________________________________________ 3102
- MINERAL OR CHEMICAL FERTILISERS, NITROGENOUS
3102 10 00 Urea, whether or not in aqueous solution kg. 10% - - Ammonium sulphate; double salts and mixtures
-- of ammonium sulphate and ammonium nitrate:
3102 21 00 Ammonium sulphate kg. 5% -
3102 29 -- Other : 3102 29 10 --- Ammonium sulphonitrate kg. 10% -
3102 29 90 --- Other kg. 10% -
SECTION-VI 286 CHAPTER-31
(1) (2) (3) (4) (5)
3102 30 00 - Ammonium nitrate, whether or not in aqueous kg. 10% -
-
Solution
3102 40 00 Mixtures of ammonium nitrate with calcium kg. 10% - carbonate or other inorganic non-fertilising
- Substances
3102 50 00 Sodium nitrate kg. Free - 3102 60 00 - Double salts and mixtures of calcium nitrate kg. 10% -
-
and ammonium nitrate 3102 80 00 Mixtures of urea and ammonium nitrate in kg. 10% -
aqueous or ammoniacal solution
3102 90 - Other, including mixtures not specified in the
---
foregoing sub-headings :
3102 90 10 Double salts or mixtures of calcium nitrate kg. 10% -
---
and magnesium nitrate
3102 90 90 Other kg. 10% - 3103
- MINERAL OR CHEMICAL FERTILISERS, PHOSPHATIC
3103 10 00 Superphosphates kg. 10% -
3103 90 00 - Other kg. 10% - ____________________________________________________________________________________________________ 3104 - MINERAL OR CHEMICAL FERTILISERS, POTASSIC
“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS
tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020
3104 20 00 Potassium chloride kg. 10% - 3104 30 00 - Potassium sulphate kg. 5% -
3104 90 00 - Other kg. 10% - ____________________________________________________________________________________________________
3105 MINERAL OR CHEMICAL FERTILISERS CONTAINING
TWO OR THREE OF THE FERTILISING ELEMENTS
NITROGEN, PHOSPHORUS AND POTASSIUM; OTHER
FERTILISERS; GOODS OF THIS CHAPTER IN TABLETS
OR SIMILAR FORMS OR IN PACKAGES OF A GROSS
WEIGHT NOT EXCEEDING 10 KG
3105 10 00 - Goods of this Chapter in tablets or similar kg. 10% - forms or in packages of a gross weight not
exceeding 10 kg.
3105 20 00 - Mineral or chemical fertilisers containing kg. 5% - the three fertilising elements nitrogen,
3105 40 00 - Ammonium dihydrogen ortho phosphate kg. 5% - (monoammonium phosphate) and mixtures
thereof with diammonium hydrogen
orthophosphate (diammonium phosphate)
SECTION-
VI 287
CHA
PTE
R-31
(1) (2) (3) (4) (5)
- Other mineral or chemical fertilisers containing the
-- two fertilising elements nitrogen and phosphorus :
3105 51 00 Containing nitrates and phosphates kg. 5% - 3105 59 00 -- Other kg. 5% - 3105 60 00 - Mineral or chemical fertilisers containing the kg. 5% -
two fertilising elements phosphorus and
Potassium
3105 90 - Other :
3105 90 10 --- Mineral or chemical fertilisers containing kg. 5% - two fertilising elements namely nitrogen
---
and potassium
3105 90 90 Other kg. 5% -
Future of Indian Fertiliser Industry
Overall, for the year FY2021, the growth in the volumes is expected to be 12 –
14%, driven by healthy progress of the monsoons and the elevated sowing levels
“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS
tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020
being witnessed in the kharif season, which has driven fertilizer sales to
unprecedented levels. The various measures taken by the GoI to aid the rural
economy through direct cash transfers has helped in improving the purchasing
power of the farmers. With a healthy kharif season, the rabi season should also
witness healthy fertilizer offtake as farmer’s incomes are expected to improve.
With the level of growth expected in FY2021, the reliance on imported urea is
expected to increase in the current year materially.The urea industry is expected to
benefit from the softening of spot R-LNG prices and crude oil prices as low energy
prices keep the cost of production lower. It also results in lower working capital
requirements and associated interest outgo, which is a drain on the profitability.
The profitability of the P&K players is also expected to remain stable following the
healthy capacity utilisation levels, driven by the healthy demand for both DAP and
NPK fertilizers in FY2020.With regard to the subsidy issue, the industry continues
to face liquidity issues due to the high outstanding subsidy, the timeline for which
needs to be improved, being a big drain on the players’ profitability. Although,
DBT has been implemented for the sector, the subsidy continues to be routed
through the industry instead of the farmers. With the subsidy recognition point
shifting from the point of despatch to the point of retail sale, the working capital
cycle for the industry has been elongated. Inadequate budgetary allocation of
fertilizer subsidy continues to remain a thorny issue for the industry, resulting in
large unpaid subsidy backlogs resulting in cash flow mismatches. The subsidy
backlog at the end of FY2020 is expected to have been approximately Rs. 470
billion and is expected to increase to approximately Rs. 570 billion by the end of
FY2021, given the inadequate subsidy budgeting, depreciation of currency and
expected volume growth during the year. As the COVID-19 crisis has squeezed the
finances of the GoI, there has been a proposal to reduce the subsidy budget
allocated to the fertilizer sector to 80% of its budgetary allocation in the Union
“Tax Structure on fertilizers sector in terms of GST and import duties analysis of the LARRDIS
tax structure of raw material and final products and its impact on self-sufficiency and use of fertilizers” NOVEMBER 2020
Budget for FY2021. In such a scenario, the subsidy backlog is likely to balloon to
~Rs. 800 billion, which may result in the industry facing a severe liquidity stress.
ICRA believes that the GoI needs to take concrete measures to improve the
financial health of the fertilizer industry, which continues to reel under pressure
from the subsidy delays and continued CAPEX, owing to the reduction in the
energy norms for the urea players, which keeps the profitability under pressure and
credit metrics subdued. An increase in the farm gate price of urea to a meaningful
level in relation to the import parity price, will also be a key imperative to address
nutrient distortions and subsidy concerns.28
Budgetary Allocation for the Fertiliser Industry
The underlying macros for the Indian fertilizer industry look promising despite the
coronavirus pandemic and macroeconomic uncertainty. With surplus reservoirs
levels, forecasts for a good kharif crop and plentiful rainfall this June-September
monsoon season, demand for the procurement of fertilizers seems promising. Sales
have increased sharply by 45.1% during the first two months of FY21 and going
forward with the recent proposals under the 'Aatmanirbhar Bharat' package
pertinent towards the agrarian economy which are focused on boosting the
agriculture and allied sector (by strengthening its infrastructure and logistics),
demand for fertilizers for the rest of FY21 seems sanguine for the industry.29
Budget and Expenditure of the Department of Fertiliser