New Delhi, Dec. 31 -- The Government of India's total fertilizer subsidy outlay is projected to remain substantial at approximately Rs 1.9 lakh crore for FY27, according to the rating agency ICRA. This forecast highlights a major fiscal commitment intended to maintain the affordability and availability of fertilizers for the agricultural sector across the nation.

The estimate is part of a broader assessment of the Indian fertilizer industry, which indicates that while certain subsidy rates will benefit domestic manufacturers, challenges persist for importers.

ICRA noted that the higher Nutrient-Based Subsidy (NBS) rates for the Rabi season of FY26 are expected to support domestic NPK producers. However, the imports of Di-ammonium Phosph...