Indian fertilizer stocks surge after Reuters reveals gov’t subsidies plan

Shares of Indian fertilizer companies surged after Reuters exclusively reported that the federal government plans to increase fertilizer subsidies to a record of more than 1.55 trillion rupees ($20.64 billion) in 2021-22. Global fertilizer prices have almost trebled over the past year due to record increases in the prices of coal and natural gas, the two main energy sources used to produce the crop nutrients, and new export restrictions by China and Russia. The Indian government provides financial support to companies that sell fertilizers at below-market rates.