The present invention relates to a plant growth promoting formulation comprising cold shock treated P. indica and Azotobacter chroococcum with talcum powder which acts as a base. The plant growth promoting formulation is prepared by mixing 10 ml of CMC mixed Azotobacter chroococcum culture and 10ml (CMC mixed P. indica broth) with 80g of sterilized talcum powder. The final Azotobacter chroococcum count in the formulation is in the range of 1 x 107 - 1 x lO9 cfu.