New Delhi, July 3, 2024 — Commerce and Industry Minister Piyush Goyal underscored the government’s commitment to easing regulations and reducing compliance burdens for the startup ecosystem during a recent event hosted by the PHD Chamber of Commerce & Industry. He highlighted significant achievements in attracting foreign investments and advancing infrastructure development across the country.
Minister Goyal noted that the first half of 2024 witnessed 18 Initial Public Offerings (IPOs), building on the momentum from 17 IPOs launched in 2023. Emphasizing the government’s efforts to enhance Ease of Doing Business (EoDB), he reiterated that simplifying regulations remains a key priority.
Addressing the burgeoning drone sector, Minister Goyal expressed enthusiasm about the rapid growth and investor interest in numerous drone startups. He affirmed the government’s readiness to promote this sector, which aligns with Prime Minister Narendra Modi‘s ‘NAMO Drone Didi‘ initiative aimed at empowering women in agriculture through drone technology deployment in villages.
Highlighting the transformative potential of drones in agriculture, Minister Goyal pointed out their role in mitigating the impact of erratic weather patterns and enhancing agricultural productivity. He emphasized the benefits of drones in supporting cooperative sectors, self-help groups (SHGs), and farmer producer organizations (FPOs) by facilitating efficient delivery of fertilizers and reducing wastage, thereby optimizing agricultural expenses.
“In the third term of the PM’s administration, we aim to triple our efforts, achieve three times the results, and aspire to become the world’s third-largest economy,” Minister Goyal affirmed.
Since the liberalization of drone policies by the Government of India, the unmanned aerial vehicle (UAV) ecosystem has experienced significant advancements. Initiatives such as the INR 120 crore Production Linked Incentive (PLI) scheme, the ban on drone imports to boost domestic manufacturing, and the introduction of safety and quality certification schemes have been pivotal in fostering growth.
The introduction of schemes like Drone Shakti and initiatives such as digital airspace mapping and Kisan drones have been widely welcomed for their potential to transform the drone technology landscape in India.
India’s drone tech sector is expanding rapidly, with over 200 drone tech startups launched and more than 13,000 registered drones nationwide. Analysts predict that the Indian drone market could grow to $13 billion by 2030, showcasing a robust compound annual growth rate (CAGR) of 21% from 2022 to 2030, according to a recent Inc42 report.
Recent developments in the industry include logistics unicorn Delhivery’s approval to incorporate its drone subsidiary by the Ministry of Corporate Affairs (MCA). Similarly, Blue Dart has commenced drone deliveries in collaboration with Skye Air, while drone maker IdeaForge has expanded its employee stock option plan (ESOP) to strengthen its workforce.
The evolving landscape of India’s drone technology presents substantial opportunities for growth and innovation, with government support expected to further catalyze advancements across the ecosystem.
