The global drone market is poised for remarkable growth, with projections indicating a substantial evolution into a US$ 51.4 billion industry by CY27 and potentially reaching around US$ 91.3 billion by CY30. This expansion positions drones as significant disruptors for the future, offering a multitude of benefits across various sectors and presenting novel solutions to existing challenges.
India aims to lead Industry Revolution 4.0 by 2030, with drones playing a crucial role. This initiative is expected to enhance the country's GDP by 1-1.5 per cent and create over five lakh jobs. Drones are integral to the Industry 4.0 ecosystem, prompting calls for expanding the Production Linked Incentive (PLI) scheme introduced by the government in 2021.
Moreover, the allocation of Rs 57 crore for drone technology and components under the production-linked incentive (PLI) scheme in the interim budget 2024 is bound to give India the much-needed impetus to compete on the global stage. This marks drones as a sunrise sector in India shaping the future of the country in several areas through innovation and technology advancements.
Here is how the drone industry and its evolution in India will bring a lot of positive influence across sectors:
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This story is from the April 2024 edition of The Machinist.
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This story is from the April 2024 edition of The Machinist.
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