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Government's PLI policy for Drones to be a big boost for the sector - RattanIndia Enterprises

Posted On: 2021-09-15 16:10:12 (Time Zone: UTC)

Rattanindia Enterprises Ltd. welcomes the Production Linked Incentive (PLI) scheme announced by the Govt. of India today. The PLI Scheme for the Drones and Drone components industry addresses the strategic, tactical and operational uses of this revolutionary technology. A product specific PL] scheme for drones with clear revenue targets and focus on domestic value addition is key to building capacity and making these key drivers of India's growth strategy.

As per the Govt. of India's press release, with this PLI scheme, Drone services (operations, logistics, data processing, traffic management etc.) is likely to grow to % 30,000 cr. in next 3 years and generate over 5 lac jobs. Drone sector is a key priority area for the government and has been given preferential treatment to promote the sector and help achieve the goal of making India a global drones hub by 2030.

Recently Rattanindia Enterprises Ltd. had made strategic investment in US based drone company Matternet. Matternet has the most extensive drone logistics network worldwide. RattanIndia Enterprises has also announced incorporation of a wholly owned subsidiary to undertake the drones business in India.

As per the PLI policy, the incentive for the manufacturers for drones, drone components and related IT products shall be eligible to PLI of 20% of the value addition made by them. The current PLI scheme shall be valid for next three years and will be extended or redrafted after studying its impact in consultation with the industry.

Recently, new liberalized Drone Rules, 2021 were notified by Ministry of Civil Aviation, Govt. of India to simplify commercial and industrial usage of drones. Drones are set to transform core sectors of the economy including logistics, agriculture, mining, infrastructure, surveillance, emergency response, transportation, geo-spatial mapping, defence, and law enforcement.

Anjali Rattan Nashier, Business Chair, RattanIndia Enterprises Ltd. said "I thank the government for this Production Linked Incentive (PLI) scheme for drones industry. It will be a big boost to this sunrise sector which has the potential to transform almost all sectors of the economy. RattanIndia Enterprises has been at the forefront of this transformation and has made key investments in the drone sector."

Shares of RATTANINDIA ENTERPRISES LIMITED was last trading in BSE at Rs. 47.65 as compared to the previous close of Rs. 45.65. The total number of shares traded during the day was 396458 in over 1427 trades.

The stock hit an intraday high of Rs. 47.9 and intraday low of 43.4. The net turnover during the day was Rs. 18592459.

Source: Equity Bulls

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