The government’s fertiliser subsidy expenses is likely to decline by around 20% to Rs 2 trillion in next financial year from an estimated Rs 2.5 trillion in in the current fiscal because of decline in global soil nutrients prices, rating agency ICRA has stated. However, the agency has stated that because of high international prices of raw materials and finished fertilisers, currency depreciation, and firming up of pooled gas prices, the subsidy requirement is expected to reach its highest ever level at around Rs. 2.5 trillion in FY23.