Cabinet Approves Massive Fertilizer Subsidy Hike

News Today: Cabinet to Increase Fertilizer Subsidy for Paddy Cultivation in 2024

The Cabinet of Ministers in Sri Lanka has approved an increase in the fertilizer subsidy for paddy cultivation from Rs. 15,000 to Rs. 25,000, effective from the 2024 Maha Season. This decision was announced by Cabinet Spokesman and Transport, Highways and Mass Media Minister, Dr. Bandula Gunawardhana, during a media briefing held at the Government Information Department. The enhanced subsidy aims to support farmers in managing rising costs and ensuring sustainable agricultural practices.

The financial subsidy of Rs. 50,000 will be credited directly to the farmers’ accounts for two hectares of paddy land. Initially, there was a proposal to increase the subsidy to Rs. 30,000, considering the growing needs of the agricultural sector. However, after reviewing the current economic situation and a proposal by the Agriculture Minister, the Cabinet and President Ranil Wickremesinghe decided on a subsidy amount of Rs. 25,000.