Relevance: Prelims: Polity: Governance
Why in news?
- The Cabinet Committee on Economic Affairs, has given its approval to the proposal of Department of Fertilizers to remove ambiguities in the Modified New Pricing Scheme -III (NPS-III) for determination of fixed costs for the urea units.
points to be remembered
The implementation of the Modified NPS-III will result in gains to existing urea units to the extent of their actual increase in fixed cost with ceilings as mentioned in the proposal which will ensure that no unit is benefited unduly.
- This will facilitate the continued operations of the urea units resulting in sustained and regular supply of urea to the farmers.
- The approval will also grant the special compensation of Rs 150/MT to urea units which are more than 30 years old and converted to gas which will incentivize these units to remain viable for sustained production.
- The measures will ensure maximum domestic production of urea and will reduce import dependency.
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