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Home Investment

UAS market at US$50bn

Fiinews by Fiinews
July 12, 2018
in Investment, Manufacturing, Projects, Technology
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India to register drones

Kant sees US$50bn UAS market in 15 years.

 

Unmanned Aircraft System (UAS) has the potential to transform many sectors and modernize India rapidly with market potential of US$50 billion over the next 15 years.

Stating this, NITI Aayong CEO Amitabh Kant underlined the potential: “Indian market for UAS will be US$50 billion over the next 15 years.

“India must realize the full potential of this technology and leverage it as a powerful tool not only for the security and safety, good governance, increased productivity, but also to encourage consumer in commercial applications to develop a sophisticated UAS industry sector and make a new India by 2022.”

Kant was speaking at the conference on ‘Make in India for Unmanned Aircraft Systems – Promoting UAS Industry in India’ organised by Federation of Indian Chambers of Commerce and Industry (FICCI) and Ministry of Civil Aviation on 11 July 2018.

Kant also pointed out that integrating UAVs in civilian space is a challenging job, and therefore, requires an appropriate regulatory framework.

“It is important for India to facilitate and promote the development in UAS industry and strive towards global leadership in this sunrise industry and aspire to become a global manufacturing hub in times to come.

“Widespread adoption of the UAS through a facilitative framework would be a transformation step in ease of doing business,” he said.

Kant reiterated that drones are going to replace 80% of the operations presently carried out by the manned aircrafts.

He also recommended that: 1) the sector must aggregate the demand and push for make in India; 2) India should aspire to be a global hub for design, development and manufacture for all types of UAS; and 3) the regulatory framework for opening up UAS operations for civil and commercial services be promulgated early in line with the global best practices.

Meanwhile, the Civil Aviation ministry is likely to begin the registration process of drones soon, disclosed Anil Aggarwal, Joint Secretary at the Department of Industrial Policy and Promotion.

“We need regulations for usage of drones in terms of altitude, endurance and categorization. UAS industry is at the cusp now. As per the estimates, by 2023, UAS industry has US $1 billion opportunity in India.

He added that the policy is going to be comprehensive as “we must have the capabilities of designing and manufacturing in India so that the IP stays with us.”

The Indian UAV market is projected to grow at a CAGR of 18%, according to Rahul Chaudhary, Chair, FICCI Homeland Security Committee.

If the regulations are right, UAS industry can be a growth driver for the Indian economy in times to come, he added.

There is need to leverage synergies between UAS and emerging technologies to draw insights across industries, added Rammohan Thygarajan, Partner, Advisory Services – Digital, EY.

India should create an environment for various players in this ecosystem of companies and start-ups to collaborate and create value for each other, he stressed.

Vaibhav Gupta, Member, FICCI Homeland Security Committee and Director, MKU Pvt Ltd, has called for a better policy framework which will ensure safety.

He also called for an online portal for application and approval, making the process efficient and transparent. fiinews.com

Tags: The Federation of Indian Chambers of Commerce and Industry
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