Budget impact: Today, on 1 February, a rally rally appeared in shipping and maritime stocks. Finance Minister Nirmala Sitharaman said that the ship -making financial assistance policy will be resumed in Union Budget 2025 (Union Budget 2025). After this, there was a huge jump in these shares. The Finance Minister also announced that a sea development fund would be set up with a fund of Rs 25,000 crore. The central government will promote the shipbuilding industry. Ship construction groups will be facilitated.
After this, the shares of Majhgaon Dock were seen trading at Rs 2,531.70 per share. The garden rich shipbuilders jumped 2.4 percent to Rs 1,663.1 per share. Shipping Corporation, Great Eastern Shipping, Adani ports saw a jump of 1-5 percent.
Budget Stock Market Live: Budget spoiled market mood, Sensex 494 points broken
Currently, India accounts for only 0.05 percent of the global market share of shipbuilding. It is much lower than China (47 percent), South Korea (30 percent) and Japan (17 percent). These countries which currently dominate this industry.
According to Vivek Merchant, director of Swan Defense and Heavy Industries, the emphasis on the improvement of shipping infrastructure and promoting indigenous shipbuilding will show positive impact on this sector.
Budget Day Stocks: Budget Day shown in the market, legendary experts put bets on these 4 shares
Before the interim budget in 2024, the Prime Minister launched ‘Maritime Kaal Vision 2047’ (‘Maritime Amrit Kaal Vision 2047’) to promote the country’s shipping, logistics and infrastructure sector.
The Ministry of Port, Shipping and Waterways is based on Amrit Kaal Vision 2047, Maritime India Vision 2030 prepared by Shipping & Waterways. It aims to develop world class ports and promote inland water transport, coastal shipping and a permanent maritime field.
Companies associated with this industry are hopeful that the government will pursue this pace and allocate more resources for the growing sector.
Disclaimer: (Information provided here is being given only for information. It is necessary to mention here that the investment in the market is subject to risks. Always consult expert before investing as an investor. It is never advised to apply here.)