Union Budget 2024: Shares of shrimp and seafood makers in high demand following budget allocation
Shares of seafood producers and exporters rose on Tuesday after Finance Minister Nirmala Sitharaman announced that the government would fund shrimp farming and marketing. Sitharaman, presenting the Union Budget for the fiscal year 2024-25, stated that the government has reduced the basic customs duty on shrimp to 5%. On the BSE, Zeal Aqua soared 9.27%, Kings Infra Ventures soared 8.15%, Coastal Corp climbed 7.55%, Apex Frozen Foods zoomed 7.51%, and Waterbase jumped 5.51%.
The finance minister stated that the government will implement a National Cooperation Policy to promote the country’s overall development.
She stated that the Centre will promote digital public infrastructure for agriculture in collaboration with states, while the Jan Samarth-based Kisan Credit Card scheme will be implemented in five states.
She also stated that the government will provide financial assistance for shrimp farming and marketing. Also Read | Budget 2024: FM promises oilseeds mission to boost domestic production
“Finance Minister Nirmala Sitharaman has increased funding for shrimp production and marketing to help the industry grow as a whole. Waterbase, Avanti Feeds, and Apex Frozen Foods will benefit directly from this announcement, according to T Manish, Research Analyst at SAMCO Securities.
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