India's Drone Industry Seeks For More Incentives

2023-12-15 04:11:31

(MENAFN- KNN India) New Delhi, Dec 15 (KNN) India's growing drone industry reached out to the government asking for an enhancement in the outlay from Rs 120 crore to Rs 250-300 crore, reported CNBC TV-18.

Submitting a detailed representation to the Department for Promotion of Industry & Internal Trade (DPIIT), the industry has put forward its demand which can be given through a new scheme or an enhanced budget, sources told CNBC TV-18.

According to industry sources, the enhanced production linked incentive (PLI) will help more industry players to get benefits out of the scheme.

The Drone PLI Scheme was launched in 2021 with incentives worth Rs 120 crore for three years. According to the government, the incentive offered is nearly double the combined turnover of all domestic drone manufacturers in FY 2020-21.

About 23 companies like Ideaforge, Asteria Aerospace, Servocontrols Aerospace qualified under the scheme which includes 12 drone manufacturers and 11 drone component manufacturers. In the financial year ending March 2023, the government disbursed Rs 30 crore as incentive to beneficiaries.

Under the PLI scheme for the drones industry, companies are given incentives up to 20 per cent of the value addition in the first three years. This is one of the highest rates among all the production-linked incentives offered by the Indian Government.

(KNN Bureau)

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