India is more likely to spend much less on subsidizing fertilizers as international costs fall and the federal government appears to be like to slim its finances deficit, in keeping with folks aware of the matter.

Officials are contemplating slashing the fertilizer subsidy invoice to 1 trillion to 1.5 trillion rupees ($18 billion) for the 2023-24 fiscal 12 months beginning April, in keeping with the folks, who requested to not be recognized as they’re not approved to talk publicly. That can be down from an estimated 2.2 trillion rupees this 12 months, which overshot the preliminary budget as costs surged.