Drone stocks fly as Modi to distribute 15,000 drones to women in next 3 years

Women self help groups (SHGs) will be provided with 15,000 drones in the next three years and the women will be given training to fly and use drones, the PMO told reporters.

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Shares of drone makers saw gains following reports of the government launching a scheme to provide drones to rural women for use in agriculture. This initiative aims to empower women in rural areas with technology to enhance their agricultural practices. T

Women self help groups (SHGs) will be provided with 15,000 drones in the next three years and the women will be given training to fly and use drones, the PMO told reporters, adding that the initiative will encourage the use of technology in agriculture.

Following the news, stocks such as Droneacharya Aerial Innovations rose neary 4 percent. Ideaforge Technology was up 3 percent, and Info Edge, which is part owner of Skylark Drones, was up about 0.3 percent.

PM Modi is going to launch Pradhan Mantri Mahila Kisan Drone Kendra via video conferencing.

Meanwhile, in a separate news, reports also said India is on the verge of finalising an agreement to purchase 31 MQ-9B Predator armed drones from the United States in a government-to-government deal, according to sources familiar with the matter.

The deal is expected to be sealed by March, pending clearance from the US Congress, which is anticipated in the coming weeks.

Negotiations between American and Indian government officials are entering their final stages following India’s submission of a Letter of Request (LoR) for the acquisition of drones from US defence giant General Atomics (GA), added officials.