New Delhi, May 24: Commerce and Industry Minister Piyush Goyal stated on Saturday that the recent increase in fertilizer prices has not been passed on to farmers. Instead, the burden has been entirely shouldered by the central government.
During a press conference, Goyal emphasized that India has set an example for the world as an economy progressing towards self-reliance while establishing fair and equitable relations globally.
This is evident from India’s nine free trade agreements (FTAs) and Prime Minister Narendra Modi’s successful visits to five countries, which have yielded positive outcomes across various sectors.
Goyal noted that India’s current standing is not coincidental. It results from twelve years of structural reforms, targeted strategies, outcome-oriented actions, and transformative initiatives led by the Modi government.
He mentioned that the FTA between India and Canada will open up extensive investment opportunities for the country and contribute to mutual growth.
Amid the crisis in the Middle East, India’s fertilizer security remains robust and stable. The government has ensured that fertilizer availability exceeds the needs of farmers by increasing domestic production and imports.
Currently, the country has a substantial stock of 199.65 lakh metric tons (LMT), which meets over 51 percent of seasonal demand. This is significantly above the normal buffer level of approximately 33 percent. The government reported earlier this month that this reflects better advance stock management and efficient logistics.
Following recent crises, there has been a rapid increase in domestic production and imports, resulting in an overall availability increase of nearly 97 lakh metric tons (LMT). Domestic production alone contributed 76.78 lakh metric tons (LMT), while imported fertilizers at Indian ports accounted for 19.94 lakh metric tons (LMT).
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