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Paras Defence bets on drone demand for next spurt of growth

business | Dec 20, 2022 5:48 PM IST

Paras Defence bets on drone demand for next spurt of growth

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Paras Defence and Space Technologies’ Director for Business Development Amit Mahajan said the drones market in India is about to explode and there are huge opportunities in the segment.

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Paras Defence and Space Technologies’ Director for Business Development Amit Mahajan, on December 20, said the drones market in India is about to explode with opportunities.
A Market Research Future Report says that the global drone market, currently valued at over $45 billion, is expected to grow at a Cumulative Average Growth Rate (CAGR) of 13 percent by 2030. And India has big plans to be a part of this growth. India wants to house a $1.8 billion drone industry by 2026.
“According to EY and FICCI report, the drone market is about to explode and there are huge opportunities in this segment,” Mahajan told CNBC-TV18.
The Indian government has rising focus on developing the domestic drones manufacturing. Also, earlier this year, it approved a Production Linked Incentive (PLI) scheme for drones and drone components with an allocation of Rs 120 crore.
Talking about the opportunities, Mahajan said, “This potential energy will start getting results from this year onwards with a miniscule revenue, but it will significantly contribute to our revenues.”
“We not only have one of the widest range of drone aircrafts, but we are also catering to the whole aspect of the ecosystem revolving around the drones and subsequently also educating the new talent to become drone pilots,” he said.
The company’s subsidiary, Paras Aerospace has the widest range of drone aircraft and Paras Defence is among the few companies that has received certifications for agriculture and industrial drones.
For more details, watch the accompanying video
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