New Delhi: Union Minister of Commerce & Industry, Piyush Goyal, addressed the International Innovation Conclave organised by the PHD Chamber of Commerce & Industry (PHDCCI) in New Delhi on Thursday, July 4, 2024. He highlighted the government's commitment to promoting the drone industry, which has seen rapid growth over the past three years. Goyal praised the technological advancements in drones, emphasizing their potential to empower women in the agriculture sector through initiatives like PM Modi's 'NAMO Drone Didi' scheme.

Goyal underscored that drones will play a crucial role in enhancing crop yields and reducing farming expenses, particularly in mitigating the impact of erratic weather patterns. He clarified that the Production-Linked Incentive (PLI) Scheme for drones is designed to kickstart sectoral growth rather than serving as a permanent subsidy.

The Minister outlined plans to integrate drones into cooperative sectors, Self-Help Groups (SHGs), and Farmers Producer Organisations (FPOs) with support from agricultural infrastructure funds. He suggested involving SIDBI for financing and mentoring initiatives within the drone ecosystem.

Turning to the startup ecosystem, Goyal noted significant IPO activity, with 18 IPOs launched in the first half of 2024 and 17 in 2023. He credited PM Modi's leadership for attracting substantial foreign investments and prioritising infrastructure development. Goyal highlighted efforts to streamline regulations and reduce compliance burdens, enhancing the Ease of Doing Business (EoDB) in India.

Regarding infrastructure growth, Goyal stressed its multiplier effect on the economy, driving demand for goods and services and boosting consumption. He attributed this positive cycle of growth to PM Modi's infrastructure initiatives, which have stimulated industry growth and generated employment opportunities across the nation. /BI