Promote alternate soluble fertilizers for balanced use, says economist Gulati

Promote alternate soluble fertilizers for balanced use, says economist Gulati


Ashok Gulati, Chairman of the Commission for Agricultural Costs and Prices (CACP) in New Delhi on October 12, 2012.
Photo: V.V. Krishnan
| Photo Credit:
KRISHNAN VV

There cannot be atmanirbharta (self reliance) in chemical fertilizers since raw key materials are not available in India adequately, said economist and former chairman of Commission for Agricultural Costs and Prices (CACP) Ashok Gulati said on Tuesday, while Fertilizer Secretary Rajat Kumar Mishra argued in favour of linking sales with agristack data to reduce consumption where there is over use of the crop nutrients.

“You may think that you can produce urea at home, but the gas (main raw material) is being imported. You may think you can produce Di-ammonium phosphate (DAP) at home, but either rock or acid is getting imported to make it and MOP is 100 per cent imported. So, question of Atmanirbharta or self-reliance in chemical fertilizers is not feasible for India in the foreseeable future,” Gulati said.

He suggested efficient use of chemical fertilizers supplied either through domestic production or through imports. There is a need for balanced use of N, P, K, and micronutrients, he added.

But addressing the event, where a paper on soil health was released by think tank ICRIER, NITI Aayog Member Ramesh Chand differed with the concern on imbalanced use and said: “When we are addressing distortion in NPK, imbalance is not the right way to emphasise it. What needs to be flagged is whether we are using adequate or optimum quantity.”

Differing views

Chand also questioned the theory of 4:2:1 ratio of application of N, P, K nutrients as ideal, and stressed it to 1950s when some British agriculture scientists visited north-west region to study wheat crop and arrived at that ratio. He wondered how it has been continuing since then whereas the ratio should be calculated on the basis of crop and soil health.

Citing a study he made on the data till 2011-12, he said after collating the recommended doses at micro levels, it was found that the country should have 2.55:1.4:1 (NPK ratio) at macro level. He also said that in 13 out of 20 states use of N was less than what is considered optimum it was only in 7 States it was higher.

But, Gulati while pointing out the current subsidy policy on fertilizer as distorted in favour of urea, said: “We need to correct the pricing or link the quantity that the farmer can buy depending upon the size of farm land and conditions of soil health.” So, either there should be quantitative restriction or correction in the selling prices, he emphasised adding advisory alone is not sufficient.

Urea is sold much much cheaper in India compared to DAP and MOP due to government directives. The government has fixed urea’s maximum selling price (MRP) at about ₹267/per bag (of 45 kg) while directing companies not to raise DAP rate beyond ₹ 1,350/bag and MOP above ₹ 1,600/bag (both of 50 kg each).

Currently, it pays a subsidy of ₹43.02 per kg for Nitrogen (N), ₹47.96 per kg for Phosphorous (P), ₹2.38 per kg for Potash (K) and ₹2.87 per kg for Sulphur (S). The subsidy is announced before every season based on global prices and the domestic production costs.

Gulati also favoured using Triple Super Phosphate (TSP), which does not have any N as against DAP that contains 18 per cent N besides 46 per cent phosphorus. OCP Nutricorp of Morocco, which has 70 per cent of the global reserve of phosphate, too has been promoting its TSP in major consuming countries in Asia, Latin America and Africa.

Stressing that there is no alternative to phosphate as yet (in terms of its application in the crops), he said the use of chemical fertilizers continue to get the yield.

Further, he suggested direct cash transfer of subsidy to the farmer and decontrol of prices of N, P and K. “My personal opinion is 70-80 per cent of the problem of imbalanced use of fertilizers will be sorted out there itself,” he said adding that will spur innovation in the industry to create products which are most suitable.

Citing the instances of Israel and the US, he said India should also shift to water soluble fertilizers from granular based crop nutrients for which subsidy needs to be extended.

But Chand said that though he has been pushing for direct benefit transfer of fertilizer subsidy from time to time, the issue is much complex and there is no one particular solution. “When I told a group of farmer leaders that DBT is implemented farmers will have to pay more than ₹2,000 to buy a bag of urea and not the current ₹267, they never demanded it after that.”

Price reforms

On the other hand, fertilizer secretary Mishra said that it was found that 65 per cent of farmers in the country purchased 5-7 bags of urea in the whole year during 2024-25. He also said that 163 districts out of 330 where fertiliser is used, were found to have consuming 22 lakh bags of urea or 1 lakh tonnes (lt) to 1.8 lt, each.

The Secretary also said that there was a pilot scheme in seven districts in four states in last Kharif season connecting between land size and fertilizer requirement with crops. In Haryana, there was a saving of 1.2 lakh tonnes of urea and 72,000 tonnes of DAP in four months, he added.

Stressing that technology is the solution and the logical connection between land size and fertilizer requirement with crops sown to help tackle the issue of imbalanced use of fertilizers, he said that there is massive campaign going on in highest consuming districts, though not necessarily those have imbalanced use of fertilizers.

Published on January 27, 2026



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Karur Vysya Bank attributes record profits to a series of strategic measures by the bank

Karur Vysya Bank attributes record profits to a series of strategic measures by the bank


Ramesh Babu B, Managing Director & CEO, The Karur Vysya Bank
| Photo Credit:
KSL

As private sector bank Karur Vysya Bank touched record profitability this quarter, the bank says that strategic steps it took to manage the cost of deposits, yield on funds, and steps for better recovery helped them reach the milestone.

“With regard to the way in which we are able to raise funds this quarter, both in the deposit front as well as treasury front, there is a reduction of 16 basis points during the quarter,” Ramesh Babu B, Managing Director & CEO, The Karur Vysya Bank, said in an interaction with businessline.

The company also moved some of its MCLR-linked loans to more of fixed rate loan products, such as gold loans, thereby helping in the yield. “Earlier, our fixed rate portion of advances used to be around 8 per cent, but by the end of this quarter, it has come to 23 per cent,” Babu said. The bank has also internally capped gold loans at 35 per cent in a conscious effort to reduce over-dependence on a single product, he added.

The key among all drivers has been the credit cost, he noted.

“On a book of ₹97,000 crore, our net NPA is around ₹200 to 300 crore. So, the need for provisioning has come down because of various digital initiatives and proactive steps taken towards monitoring accounts and setting up guardrails, he said.

On the advances side, RAM (Retail, Agri and MSME) continues to be a bulk (over 80 per cent) of its loan book, with corporate credit focus being restricted to specific sectors. 

With improved monitoring of accounts at the branch level, KVB says it has not seen much stress in the MSME segment. While our exposure to impacted sectors like textiles is also minimal, we also hear that by and large the MSMEs that are part of our portfolio have managed the tariffs situation well, he said.

The corporate portfolio is now at around 14 per cent from being at 30-35 per cent earlier. We have identified a few sectors, like commercial real estate, contractors, and others, within our risk appetite where it is supporting our pricing, he said.

On the deposit front, the MD and CEO said that the bank has taken a more data-driven expansion approach. “Last year and the year before, we opened around 50 branches each, but this year we have significantly reduced the number of new openings. Instead of relying on branch performance alone, we have mobilised about 1,300 feet on street (FOS) associates focused only on deposits,” he said.

KVB’s deposits were up by 15.6 per cent YoY for Q3FY26, and the loan book grew at 17.2 per cent y-o-y. The bank achieved ROA of 2.05% for the quarter ended December 2025.

The MD and CEO also points to a changing landscape of the workforce in the banks. We have transitioned most of the routine operations to the centralised operations unit at Coimbatore with a staff of 200–300, and branches are now focusing on sales and acquisitions as the service side of it has been both digitised and centralised.

Published on January 27, 2026



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इंडिया-ईयू एफटीए से कितनी सस्ती हो जाएंगी दवाएं, फार्मास्युटिकल्स सेक्टर पर क्या होगा असर

इंडिया-ईयू एफटीए से कितनी सस्ती हो जाएंगी दवाएं, फार्मास्युटिकल्स सेक्टर पर क्या होगा असर


India EU Free Trade Agreement: भारत और यूरोपीय यूनियन के बीच मंगलवार को हुए ऐतिहासिक फ्री ट्रेड एग्रीमेंट (एफटीए) से भारतीय अर्थव्यवस्था और उपभोक्ताओं पर व्यापक असर पड़ने की उम्मीद है. इस समझौते के तहत भारत में आयात होने वाले लगभग 90 प्रतिशत यूरोपीय उत्पादों पर टैरिफ को या तो पूरी तरह समाप्त कर दिया गया है या उसमें भारी कटौती की गई है, जिससे आने वाले वर्षों में भारतीय आयात बाजार का स्वरूप काफी बदल सकता है. अनुमान है कि इससे यूरोपीय सामानों की भारतीय बाजार में मौजूदगी लगभग दोगुनी हो जाएगी और सालाना करीब 4 अरब यूरो की बचत होगी.

फार्मास्युटिक्स सेक्टर पर क्या असर?

खासतौर पर फार्मास्युटिकल और हेल्थकेयर सेक्टर को इससे बड़ा लाभ मिलेगा, क्योंकि रसायनों पर लगने वाला 22 प्रतिशत और दवाओं पर 11 प्रतिशत टैरिफ शून्य कर दिया गया है. इसके अलावा मेडिकल, सर्जिकल उपकरणों और चश्मों जैसे उत्पादों पर भी 90 प्रतिशत तक शुल्क कटौती की गई है, जिससे अस्पतालों की लागत घटेगी और इलाज आम लोगों के लिए सस्ता हो सकता है.

भारतीय वाणिज्य मंत्रालय के अनुसार, अगले कुछ वर्षों में भारत के 99.5 प्रतिशत निर्यात पर यूरोपीय संघ सीमा शुल्क में कटौती करेगा, जिसमें समुद्री उत्पाद, चमड़ा, कपड़ा, रसायन, रबर और रत्न-आभूषण जैसे प्रमुख क्षेत्र शामिल हैं. दो दशकों की लंबी बातचीत के बाद हुए इस समझौते को अब तक का सबसे बड़ा व्यापार समझौता माना जा रहा है, जो करीब दो अरब लोगों का साझा बाजार तैयार करेगा.

इसके लागू होने के तीन से चार वर्षों में द्विपक्षीय व्यापार के 200 अरब डॉलर से ऊपर जाने और सेवाओं के व्यापार के 125 अरब डॉलर तक पहुंचने की संभावना है. आईटी, पेशेवर सेवाएं, शिक्षा, वित्त, पर्यटन और निर्माण जैसे क्षेत्रों में भी भारत को बड़ा फायदा मिलने की उम्मीद है, खासकर ऐसे समय में जब अमेरिका द्वारा लगाए गए ऊंचे टैरिफ के कारण भारत नए वैश्विक व्यापार विकल्प तलाश रहा है.

2 अरब लोगों का साझा बाजार

यूरोपीय संघ के साथ हुए मुक्त व्यापार समझौते के लागू होते ही भारत के निर्यातकों को बड़ा लाभ मिलने की उम्मीद है. समझौते के तहत ईयू पहले ही दिन भारत के लगभग 90 प्रतिशत सामानों पर आयात शुल्क पूरी तरह समाप्त कर देगा, जबकि शेष करीब तीन प्रतिशत वस्तुओं पर शुल्क को अगले सात वर्षों में चरणबद्ध तरीके से खत्म किया जाएगा.

समाचार एजेंसी पीटीआई ने अधिकारियों के हवाले से बताया कि इस तरह ईयू भारत को व्यापार मूल्य के लगभग 99.5 प्रतिशत हिस्से पर रियायतें दे रहा है. माना जा रहा है कि इस समझौते पर औपचारिक हस्ताक्षर इसी साल के अंत तक हो जाएंगे और इसके 2027 की शुरुआत में लागू होने की संभावना है, हालांकि कुछ प्रावधान अगले साल की शुरुआत से प्रभाव में आ सकते हैं.

दूसरी ओर, भारत भी यूरोपीय संघ को बड़ी रियायतें देगा, लेकिन यह प्रक्रिया अपेक्षाकृत धीरे होगी. भारत अगले दस वर्षों में ईयू के करीब 93 प्रतिशत सामानों को शुल्क-मुक्त पहुंच देगा, जबकि समझौते के पहले दिन केवल 30 प्रतिशत यूरोपीय वस्तुओं पर ही शुल्क हटाया जाएगा.

इसके अलावा, भारत यूरोपीय संघ को व्यापार मूल्य के 3.7 प्रतिशत हिस्से पर शुल्क रियायतें और कोटा-आधारित कटौती भी देगा. कुल मिलाकर, भारत की ओर से ईयू को व्यापार मूल्य के लगभग 97.5 प्रतिशत हिस्से पर शुल्क में राहत मिलेगी, जिससे दोनों अर्थव्यवस्थाओं के बीच व्यापार और निवेश को लंबे समय में मजबूत आधार मिलेगा.

ये भी पढ़ें: इंडिया-ईयू एफटीए के बाद Olive Oil और प्लास्टिक से दवाएं तक… जानें भारत में क्या कितना सस्ता | पूरी लिस्ट



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Vizhinjam Port: India का नया Maritime Hub जो China और Singapore को टक्कर देगा | Paisa Live

Vizhinjam Port: India का नया Maritime Hub जो China और Singapore को टक्कर देगा | Paisa Live


सोचिए अगर India अपने ही समुद्र में ऐसा trade power center बना ले जो China और Singapore जैसे global giants को सीधी टक्कर दे सके। अब यह सपना हकीकत बनने वाला है। Adani Ports दक्षिण भारत के Vizhinjam Port में ₹16,000 करोड़ का historic investment करने जा रहा है। यह India का सबसे बड़ा transshipment hub बनने जा रहा है, जो देश को Colombo और Singapore पर निर्भरता से बाहर निकालेगा। Phase two पूरा होने के बाद इस port की capacity सीधे 41 लाख TEU तक पहुंच जाएगी। Port में 21 advanced STS cranes और 45 CRMG cranes लगेंगी, जिससे container handling पूरी तरह automation और technology पर आधारित होगी। Human error कम होगा, speed बढ़ेगी और cost घटेगी। Rail handling yard cargo movement को और तेज बनाएगा। Eco-friendly initiatives जैसे electric vehicle charging stations और modern pollution control systems इसे true green port बनाएंगे। Engineering marvel के रूप में, port में 920 meter लंबा और 21 meter deep breakwater बनाया जाएगा, ताकि बड़े जहाज आसानी से dock कर सकें। Security के लिए ISPS standards का पालन होगा।



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Vedanta to sell 1.59% Hindustan Zinc stake worth ₹4,872 crore

Vedanta to sell 1.59% Hindustan Zinc stake worth ₹4,872 crore


Indian ‍oil-to-metals conglomerate Vedanta said ​on Tuesday it ‌will sell ​a 1.59 per cent stake in unit Hindustan Zinc, valued at ₹4,872 crore ($531.3 million), according to ​Reuters calculations.

As ⁠of December 31, Vedanta held 61.84 per cent of ​the zinc ⁠and silver miner. The Indian government is Hindustan Zinc’s second-largest ‌shareholder, with a ‌27.92 per cent stake.

Vedanta did not ‍immediately disclose the floor price at which ‍it would sell the shares.

Vedanta has sold portions of its stake in Hindustan Zinc twice in ⁠the past two years to ​help shore up ⁠its balance sheet.

Published on January 27, 2026



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Investec backs Paytm’s digital toll road, sees upside despite PIDF overhang

Investec backs Paytm’s digital toll road, sees upside despite PIDF overhang


Investec has reiterated its positive stance on One 97 Communications, the parent of Paytm, highlighting the company’s expanding “digital toll road” across payments and merchant services as a key long-term growth driver.

The brokerage sees scope for further upside as Paytm scales monetisation across its vast network of devices and transactions, even as near-term concerns linger around regulatory incentives.

The stock closed flat at ₹1144.35 on the BSE on Tuesday.

According to the brokerage, Paytm is well placed to benefit from rising credit-linked payments, strong operating leverage and oligopolistic market structures, and it forecasts a 23 per cent revenue CAGR with EBITDA margins expanding to 24 per cent by FY28, prompting a buy rating on the stock at ₹1,550 target price (a 35 per cent upside potential from current levels).

However, it flagged regulatory uncertainty, rising competition and potential asset-quality stress in merchant and consumer loans as key risks.

Another brokerage JM Financial said Paytm’s stock recently corrected sharply after market worries emerged over the status of the Payment Infrastructure Development Fund (PIDF) incentive, following references in a draft prospectus filed by a private player.

“Considering the sharp 9.5 per cent single-day correction, we find the reaction premature, having already factored-in a permanent termination,” it said. The scheme, which was due for renewal in December 2025, has not yet been formally extended, though JM Financial noted that there has been no official communication from the RBI.

Meanwhile, Jefferies earlier pointed out that Paytm’s profits will take a hit if the PIDF incentive scheme is not renewed. It slashed adjusted EBITDA estimates by 14 per cent for FY27 and 8 per cent for FY28, and reduced its price target to ₹1,450 from ₹1,600, maintaining buy call.

JM Financial believes Paytm could deploy offsetting measures such as higher monetisation and tighter sales execution, reducing the potential earnings impact to about 11 per cent in FY27 and 5 per cent in FY28.

It now expects Paytm to post EBITDA of ₹25.9 billion in FY28, slightly lower than its earlier estimate, but still strong enough to support rapid profit expansion. The brokerage reiterated its buy call with a March 2027 target price of ₹1,740.

On Friday, One 97 Communications said the company had recognised incentives under the RBI’s scheme for qualifying expenditure on deploying payment acceptance devices such as soundboxes and EDC machines, particularly in Tier-3 to Tier-6 centres, the north-eastern states and the Union Territories of Jammu, Kashmir and Ladakh.

The incentive, valid until December 31, 2025, amounted to ₹128 crore for the six months ended September 30, 2025.

Paytm added that, as of now, there has been no announcement from the RBI or other authorities regarding an extension or replacement of the scheme. In the event that it is not renewed, the company said it expects to significantly offset the impact over time through a mix of higher revenues and more targeted sales efforts.

Published on January 27, 2026



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