NEW DELHI: Shares of companies involved in shrimp production and export experienced a notable increase on Tuesday, following Finance Minister Nirmala Sitharaman’s announcement regarding financial support for the shrimp industry in the Union Budget for 2024-25.

In her budget speech, Sitharaman revealed that the government will provide dedicated finance for shrimp farming and marketing. Additionally, the basic customs duty on shrimp has been reduced to 5 percent. These measures are aimed at boosting the sector and supporting its growth.

The positive news led to a significant uptick in the stock prices of several key players in the shrimp industry. Notably, Zeal Aqua saw its shares surge by 9.27 percent, while Kings Infra Ventures experienced an 8.15 percent increase. Coastal Corp’s stock climbed 7.55 percent, Apex Frozen Foods jumped 7.51 percent, and Waterbase saw a rise of 5.51 percent on the Bombay Stock Exchange (BSE).

The substantial rise in share prices reflects investor confidence in the government’s commitment to supporting the seafood sector. The reduction in customs duty is expected to enhance the competitiveness of Indian shrimp in the global market and stimulate investment in the industry.

Sitharaman’s budget allocation and policy adjustments mark a significant step towards strengthening the shrimp farming sector, which plays a crucial role in India’s seafood exports. The market reaction underscores the sector’s positive outlook and the anticipated benefits from the government’s supportive measures.