印度国际经济关系研究理事会（ICRIER）：2026年地缘政治中断对印度肥料行业财政的影响政策简报（英文版）

For decades, India's fertiliser subsidy regime has shielded farmers from volatility in global fertiliser and energy markets, playing a crucial role in supporting agricultural production and food security. However, by insulating domestic fertiliser prices from international price movements, the current subsidy framework has also created a significant fiscal vulnerability. Sharp increases in global fertiliser, feedstock, and energy prices are automatically transmitted into higher government