New Delhi, July 4 (IANS) Union Minister of Commerce and Industry Piyush Goyal said on Thursday that the development of the drone ecosystem and deploying them in villages across the nation aligns with Prime Minister Narendra Modi’s ‘NAMO Drone Didi’ initiative that will help empower women in the agriculture sector.

Addressing the international innovation conclave organised by the PHD Chamber of Commerce & Industry (PHDCCI) here, the Minister said the government is keen to promote the drone industry that has seen rapid growth in the last three years.

Goyal also said that technological progress in the drone industry will help combat erratic weather patterns and assist farmers in getting higher quality and higher quantity yields.

Drones can contribute to the cooperative sector, self-help groups (SHGs), and farmer producer organisations (FPOs) as a shared facility with the help of agri-infra funds in delivering fertilisers and reducing wastage and expenses of farmers, he said.

For financing and mentoring of the drone ecosystem, SIDBI can be roped in to promote the sector, Goyal added.

The Minister also said that the production-linked incentive (PLI) scheme for drones and drone components is a kickstarter for the sector to progress and should not be considered a permanent subsidy scheme from the government.

“In the third term of the PM’s administration, we will work at triple the speed, ensure three times the result, and hope to become the third largest economy in the world," Goyal said.

On the startup ecosystem, the Minister said that 18 initial public offerings (IPOs) have already been offered in the first half of 2024, while 17 IPOs were offered in 2023.

Goyal said, “Under the guidance of PM Modi, the country has seen windfall investments from foreign investors and there has been a massive push for infrastructure.”

He also said that easing regulations and compliance burden on startups along with enabling ease of doing business have been the primary focus of the government.