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NEW DELHI - India will provide a subsidy of 609.4 billion rupees ($7.96 billion) for phosphatic and potash-based fertilisers over the coming months to insulate farmers from higher global prices, information and broadcasting minister Anurag Singh Thakur said.

The subsidy will cover the period to September 2022. India provided a subsidy of 571.5 billion rupees for the previous 12 month period ending March 31, the minister said.

A subsidy of 2,501 rupees for each 50 kg bag of the crop nutrient diammonium phosphate will retain the price at 1,350 rupees in local markets, the minister said, detailing the decision taken by the federal cabinet.

The decision to raise the fertilisers subsidy was taken after a spike in the prices of crop nutrients in global markets, mainly due to supply chain disruption after Russia's invasion of Ukraine, increased freight and rising energy costs.