With the rise in natural gas prices, fertilizer subsidy could increase by Rs 40,000 crore to over Rs 2.55 lakh crore in the current fiscal. 2.15 lakh crore was estimated to be spent on fertilizer subsidy in the budget for 2022-23. Credit rating agency Crisil said in the report, natural gas is the major raw material for fertilizer manufacturing. However, since the start of the Russo-Ukraine war in February, natural gas prices have increased manifold. Russia is the world's largest supplier of natural gas.
Apart from this, the government has also increased the prices of domestically produced gas by a whopping 150% with effect from April 1, 2022. CRISIL Director Navin Vaidyanathan said, "Gas prices have risen 10 percent every quarter in July-September amid the Ukraine war. "A dollar increase in gas price increases the subsidy burden on domestically produced fertilizers by Rs 7,000 crore," he said.
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RBI has called a special meeting of the Monetary Policy Committee (MPC) on 3 November. In this, a report related to the failure of the central bank to keep inflation below 6% for three consecutive quarters will be prepared. The central bank said on Thursday, following the provisions of section 45ZN of the RBI Act, a special meeting of the MPC has been called on November 3. There is a provision in this section that in case of failure to keep inflation within the prescribed limit, the central bank has to report to the government in this regard.
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