India to invest $680 million in drone manufacturing industry
The Union Minister of Civil Aviation of India, Jyotiraditya M. Scindia, announced on September 16, 2021, that the Indian drone industry would receive up to INR 120 crore ($16.3 million) over the next three years under the Production-Linked Incentive (PLI) scheme of the central government.
The incentive amount is 1.5 times the combined size of the current Indian drone manufacturing sector.
The Indian government considers investments up to INR 5000 crore ($680 million) in the drone manufacturing sector, which is forecasted to have a turnover of INR 900 crore ($122 million) and help create 10,000 job opportunities by FY 2023-24.
"Drone industry may grow to over Rs.900 crore in FY 2023-24," said Scindia while addressing a press conference on September 16, 2021.
The Indian government approved the PLI scheme for the drone manufacturing and component industry on September 15, 2021. The scheme is aimed at assisting India's objective of becoming a global drone hub by 2030.
The Indian drone service industry is expected to grow to over INR 30,000 crore ($4.8 billion) and create 500,000 jobs in the next three years.
The investment in the drone aviation industry is an initiative by the Indian central government within the framework of its "Make in India" and "Aatmanirbhar Bharat" strategies.
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