The research leading to this paper was undertaken at ICRIER as a part of the project ” Supporting Indian Farms the Smart Way: Rationalising Subsidies and Investments for Faster, Inclusive and Sustainable Growth”, commissioned by Syngenta Foundation in 2014. The authors would like to acknowledge the invaluable comments from Dr. Ashok Gulati, ICRIER, Dr. K. J. S Satyasai, DGM, NABARD, Dr. Arvind Virmani, Chintan, Dr. Seema Bathla, Jawaharlal Nehru University, New Delhi and other participants during the Policy Workshop on “Fertilizer Subsidy and Credit Subsidy”, 16 January 2015. Special gratitude is due to Dr. K J S Satyasai for his detailed comments following a review of the paper. The authors take full responsibility for the views expressed in the paper and these should not be
attributed to the reviewer or commentators.