The subsidy program "probably can't get any worse", said Potash Corp chief financial officer

Wayne Brownlee, speaking at the BMO conference.

"When you have the first majority government in 30 years there is an opportunity for sound
policies to prevail over impulse politics."

India is the biggest global phosphate importer and a top consumer of potash. Slack Indian
fertiliser demand is one reason for a plunge in profits by Potash Corp and Mosaic.

It is unlikely that India, facing a deficit, can afford to raise subsidies for potash and phosphate.
But it could cut the urea subsidy or target subsidies only to poorer farmers, Mr Gupta said,
although he noted that tinkering with urea prices was politically sensitive.

Both Potash Corp and Mosaic forecast increased Indian imports even before the election result.