Banks record steady growth, improved asset quality and stronger digital performance (See 'Corp Brief') QCI and BHEL jointly organize Inter PSU Gunvatta Manthan to promote quality (See 'Corp Brief') Misc - Remedy for recovery of money instituted under Article 226 of Constitution of India is not intended to enable claimant to recover monies, recovery of which by suit is barred by limitation: HC (See 'Legal Desk') Chouhan presents 'Plant Genome Saviour Awards' to farmers in New Delhi (See 'Corp Brief') Students from Goa & Uttarakhand explore Arunachal under Ashtalakshmi Darshan (See 'Corp Brief') Commercial Courts Act 2015 - injunction on use of trade mark BISCO is valid as it is nearly identical to existing trade dress named BISCOFF: HC (See 'Legal Desk') IICA and WNS Global Services launch YBRANT programme on CSR (See 'Corp Brief') India reaffirms commitment to Equity, Climate Justice and Multilateralism at CoP30 (See 'Corp Brief') PMLA - When monies lying in account of accused which has been attached by ED is not proceeds of crime but are untainted monies bank, same needs to be released to bank: SAFEMA (See 'Legal Desk') CCI allows Lence Pte to pick up equity in AWL Agri Business (See 'Corp Brief') Yadav asks authorities from NCR States to submit Action Taken Reports on Air Pollution (See 'Corp Brief') IPR - 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6 new urea units have been set up under New Investment Policy: MoS

Published: Dec 11, 2024

By TIOLCorplaws News Service

NEW DELHI, DEC 11, 2024: THE recommendations of the Standing Committee on Chemicals and Fertilizers regarding reduction of GST on micronutrients and raw materials was taken to 53rd GST Council which has referred the matter to the Group of Ministers (GoM) on Rate Rationalisation for a holistic view.

Under New Investment Policy (NIP), to facilitate fresh investment in the urea sector and to make India self-sufficient, 6 new urea units have been set up with a production capacity of 12.7 Lakh MT each. Further, an exclusive policy for the revival of the Talcher unit of FCIL through JVC of nominated PSUs namely Talcher Fertilizers Limited (TFL) by setting up a new Greenfield urea plant of 12.7 LMTPA at coal gasification route has also been approved. In addition, the Government also notified the New Urea Policy (NUP) - 2015 on 25th May, 2015 for the existing 25 gas-based urea units with one of the objectives of maximizing indigenous urea production. These steps together have facilitated an increase of Urea production from a level of 225 LMT per annum during 2014-15 to a record Urea Production at 314.09 LMT during 2023-24.

In case of Phosphatic & Potassic fertilizers (P&K), the companies are free to import /produce fertilizer raw materials, intermediaries and finished fertilizers as per their business dynamics. Based on the requests, the new manufacturing units or increase in manufacturing capacity of existing units have been recognized / taken on record under the NBS subsidy scheme, with a view to boost manufacturing and make country self-reliant in fertilizer production. Further, to promote Potash derived from Molasses (PDM) which is 100% indigenously manufactured fertilizer, it has been notified under Nutrient based subsidy (NBS) regime w.e.f 13.10.2021. Also, freight Subsidy on SSP, which is an indigenously manufactured fertilizer, has been made applicable since Kharif 2022 to help in promotion of SSP usage for providing Phosphatic or “P” nutrient to the soil. These steps have facilitated increase in production of P&K fertilizers from 159.54 LMT in 2014-15 to 182.85 LMT in 2023-24.

This information was given by the Union Minister of State for Chemicals and Fertilizers Anupriya Patel in Rajya Sabha in a written reply to a question yesterday.

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