The debates and discussions in academic, civil society and policy circles on the ill effects of chemical fertilizers particularly on food security has now been acknowledged by the Government of India among others. Accordingly, a new fertilizer subsidy policy namely Nutrient Based Subsidy (NBS) was introduced by the Government with effect from 1 April 2010. This policy brief analyze the effectiveness of this policy to solve the soil health crisis affecting agricultural production. The policy brief concludes that the new policy is just "old wine in new bottle" and hence cannot solve the crisis. It also explains why an investment in ecological fertilization practices is absolutely essential to ensure food security.