News Brief

Drone PLI Scheme's Purpose Is To Kickstart, It's Not A Permanent Subsidy: Piyush Goyal

Kuldeep Negi

Jul 05, 2024, 10:15 AM | Updated 10:15 AM IST

Commerce Minister Piyush Goyal
Commerce Minister Piyush Goyal

Commerce and Industry Minister Piyush Goyal has said that the ongoing production-linked incentive (PLI) scheme for drone components is designed as a kickstarter for the sector rather than a permanent subsidy from the government.

Speaking at a PHD Chamber of Commerce and Industry event on Thursday (4 July), Goyal emphasised that the government's intention is not to create long-term dependency.

"The PLI scheme is not an end to itself. Its purpose is to kick start…it is not a permanent subsidy. There’s no intention to make you dependent on the government permanently,” Goyal said. “Don’t go down the path of depending on the government's crutches,” he added, Times of India reported.

Goyal also criticised promises like Rahul Gandhi's "khata khat" pledge, which he believes undermine the country's confidence and self-reliance.

Leader of Opposition Rahul Gandhi had made a poll-promise of depositing Rs one lakh in the bank account of one woman from every poor household in the country.

India has implemented PLI schemes across 14 sectors, including electronics, drones, white goods, textiles, and pharma, with an outlay of Rs 1.97 lakh crore.

These initiatives, launched during the Covid pandemic in 2020, aim to boost domestic manufacturing and exports.

“You suggested that government should adopt it. However, I have a different view that all ministries will work along with you on ease of doing business, providing you with facilities to manufacture, banking facilities, startup financing,” Goyal told industry leaders at the event.

Highlighting the stock market's performance, Goyal noted that 18 companies have launched initial public offerings (IPOs) in the first half of 2024, and the market has grown significantly.

“The stock market has grown four times in the 10 years of our government. India is progressing fast on the virtuous cycle of growth and the stock market is growing because of that progress,” he said.

Also Read: Rishi Sunak-Led Conservative Party Faces Huge Defeat As Labour's Keir Starmer Set To Be New UK PM: All That You Need To Know

Kuldeep is Senior Editor (Newsroom) at Swarajya. He tweets at @kaydnegi.


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