Finance Minister Nirmala Sitharaman announced the Budget 2022, the two biggest announcements made so far are the allocation of the Drone Shakti scheme and Defense Capex.
Under the Drone Shakti scheme, the government will focus on enabling drones as a service and startups will also be encouraged to use Drone Shakti.
After this announcement, there was an upward movement of 5% in the stock of Zen Technologies. This company provides drone and anti-drone solutions.
The second big announcement is that 68% of the total Defense Capex will be allocated to domestic manufacturing, up from 58% last year.
Defense R&D will also be opened for industry, startups, and academia and 25% of the total defense R&D budget will be allocated for this.
Due to this the share price of Paras Defense and Space Technologies Limited increased by 2%, the share price of Bharat Forge Limited increased by 1.9%.
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