IFFCO slashes price of DAP, NPK fertilizers by INR 1000

India: Indian Farmers Fertilizer Cooperative Limited (IFFCO), India-based fertilizer giant, has slashed the rates of DAP and NPK fertilizers by INR 1000 per tonne. These fertilizers are highly effective and contain best of the nutrients required from plant growth. The decision will bring down the per-bag price of these fertilizers by INR 50 across the country. At a time when Indian farmers are facing huge losses to high different between cost involves and revenue earned, this move is a sort of service to the farmers of the country. The IFFCO announcement has come at a time when farmers in several parts of the country are facing unprecedented crisis due to drought. According to the government, this year's drought has affected over one lakh villages in 313 districts across 13 states.

TechSci Research depicts that the new move will considerably increase the utilization of best quality fertilizer, improve productivity, increase revenues at framers end and more over decrease the cost involved in the overall process. Also, such a move coming from the fertilizer giant in the country will considerably impact the strategies for other counterparts and SME’s operating in the fertilizer sector.

According to the recent report published by TechSci Research, “India Fertilizers Market Forecast & Opportunities, 2019”, the fertilizer consumption in India stood at an estimated 47.5 million MT in 2013. The reduction in potash and phosphate cost in international markets is expected to increase the consumption of complex fertilizers in India. The major producers namely IFFCO, RCF, NFL, etc., are increasing their focus on overseas investments, especially in regions where mineral reserves are high and mergers will lead to lower production and transportation cost.