Shares of eight defence firms rose by 0.14% to 3.92% at 14:12 IST on BSE after the finance minister said that government will bring out an industry friendly Defence Production Policy 2018 to promote domestic defence production.
The Union Budget 2018-19 was presented in the Parliament by the finance minister today, 1 February 2018.Bharat Forge (up 1.5%), Centum Electronics (up 0.53%), L&T (up 2.49%), Punj Lloyd (up 1.31%), BEML (up 0.76%), Taneja Aerospace & Aviation (up 3.92%), Tata Power Company (up 1.35%) and Walchandnagar Industries (up 0.14%) edged higher. Bharat Electronics (down 3.39%), Reliance Naval Engineering (down 2.28%) and Astra Microwave Products (down 1.05%) declined.
Finance minister said that ensuring adequate budgetary support to the defence sector will be the priority of the government. Presenting the General Budget 2018-19 in Parliament the Union Minister for Finance and Corporate Affairs, Arun Jaitely said that a lot of emphasis has been given to modernizing and enhancing the operational capability of the defence forces over the last three and a half years. The Finance Minister appreciated the stellar role played by the armed forces in meeting the challenges on the country's borders as well as in managing the internal security environment both in Jammu and Kashmir and the North East.
Arun Jaitely said that private investment in defence production has been opened up including liberalizing foreign direct investment. The government will take measures to develop two defence industrial production corridors in the country. The government will also bring out an industry friendly Defence Production Policy 2018 to promote domestic production by public sector, private sector and micro, small and medium enterprises (MSMEs), he said.
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