Union Minister Piyush Goyal Champions Drone Industry at International Innovation Conclave

New Delhi: Union Minister of Commerce & Industry, Piyush Goyal, highlighted the rapid growth and potential of the drone industry during his address at the International Innovation Conclave organized by the PHD Chamber of Commerce & Industry (PHDCCI). The event, held in New Delhi, emphasized the government’s commitment to promoting technological advancements and innovation in various sectors.

Goyal praised the development of drone technology, noting its significant progress over the last three years. He emphasized that the growth of the drone ecosystem and its deployment in villages align with Prime Minister Narendra Modi’s ‘NAMO Drone Didi’ initiative, aimed at empowering women in the agriculture sector.

“Technological progress in the drone industry will help combat erratic weather patterns and assist farmers in achieving higher quality and quantity yields,” Shri Goyal said. He pointed out that the Production-Linked Incentive (PLI) Scheme for drones and drone components is a catalyst for the sector’s advancement, stressing that it should not be viewed as a permanent subsidy scheme from the government.

“In the third term of the PM’s administration, we will work at triple the speed, ensure three times the result, and aim to become the third-largest economy in the world,” Goyal stated.

He further highlighted the potential of drones to enhance the cooperative sector, Self-Help Groups (SHGs), and Farmers Producer Organizations (FPOs) by serving as shared facilities. Drones can help deliver fertilizers, reduce wastage, and lower expenses for farmers. For financing and mentoring the drone ecosystem, Goyal suggested involving the Small Industries Development Bank of India (SIDBI).

Discussing the startup ecosystem, the Minister noted that 18 Initial Public Offerings (IPOs) were offered in the first half of 2024, following 17 IPOs in 2023. He credited PM Modi’s leadership for attracting substantial foreign investments and pushing for massive infrastructure development. Shri Goyal emphasized that easing regulations and compliance burdens on startups, along with promoting Ease of Doing Business (EoDB), has been a primary focus of the government.

“Infrastructure growth has a multiplier effect on the economy, leading to increased demand for goods and services and boosting consumption,” Goyal said. He added that the Prime Minister’s infrastructure push has enabled industry growth and employment generation, placing the nation on a virtuous cycle of growth.