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`Urea retention pricing scheme under review'

Our Bureau

NEW DELHI, Aug. 13

THE Government is reviewing the urea retention pricing scheme (RPS) mechanism to reduce the increasing subsidy burden on the exchequer, Mr. Suresh Prabhu, Union Chemicals and Fertilisers Minister, has said.

Speaking at the 26th Annual Day function of National Fertilisers Ltd (NFL) here, Mr. Prabhu pointed out that the subsidies being given by the Government to fertiliser manufacturers have increased in the past years and this had necessitated a review of th e RPS on urea.

The Minister said that the Government is giving final touches to a long-term fertiliser policy, which will address the needs of all stakeholders concerned, including the industry, farmers and the Government.

Mr. Prabhu noted that NFL, during 1999-2000, had produced 31.37 lakh tonnes of urea with an overall installed capacity utilisation of 111.8 per cent. The company had registered a sales turnover of Rs. 2,453 crores and a net profit of Rs. 34.89 crores.