Reuters reported that, in an effort to curb a ballooning deficit, the Indian government is cutting subsidies on potash-based fertilisers and is scaling back on potash imports.

As quoted in the market report:

Fertiliser companies could have cut potash and phosphate prices sharply, had the government kept fertiliser subsidy steady. Now they can reduce prices marginally,” said a senior official with a fertiliser producer, who declined to be named.

To view the whole Reuters report, click here.