New Delhi, June 11 -- With war disruption of energy supplies showing no sign of ending, India faces a big overshoot in its subsidy bill on fertilizers to Rs.3.4 trillion in 2026-27, as reported.

That would be twice the Rs.1.7 trillion-plus budgeted and the result of prices kept unchanged despite costs having spiked amid the Hormuz clamp on Gulf supplies of urea as well as its key input, natural gas.

Producers like China have curbed exports to meet domestic demand. India is raising local output and the latest tender data shows a sharp drop in import prices, but the Centre's fiscal math could still be left with a gaping hole just on account of this subsidy.

Fuel retail prices being held down while crude oil rules high is another burden. ...