Page 12 - Banking Finance December 2022

ROUNDUP

CEO, Garuda Aerospace, said the drone "The administration supports efforts to and subsequently to file all returns.
yatra will help farmers understand improve our immigrant visa system and
Filling the pan number will auto popu-
more about the technology and give ease the harsh effects of the immigrant
late the required forms and only cur-
them a better perspective on growing visa backlog," the White House said.
rent figures will need to be entered.
crops.
Union commerce minister Piyush Goyal
With a dual objective of empowering 1 lakh drone pilots needed said the ongoing beta testing for this
farmers and creating employment for India will become a hub of drone tech- portal has had an efficiency rate of
Indian youth, the company is commit- nology and India will require at least 1 99.3% with 76,000 applications submit-
ted to manufacturing at least 1 lakh lakh drone pilots by next year, said ted on the same (only 549 faced
kisan drones by 2024. Union minister Anurag Thakur. He was glitches) and over 48,000 of them get-
addressing the gathering after flagging ting approved.
Biden supports bill that off 'Drone Yatra 2.0', in Chennai. "A large number of central govern-

eliminates per country Stating that India will require at least ment departments and states/union
1 lakh pilots in 2023, the minister said territories have on boarded the NSWS.
quota for green cards
that each pilot will earn at least Rs. We are moving towards a database
The White House has supported Con- 50,000 to Rs. 80,000 a month, and in already existing with the government
gress to pass a legislation that seeks to this scenario about Rs. 6,000 crore a as the single entry point. This will most
eliminate the per country quota on year worth employment could be cre- probably be the pan number.
green cards to allow U.S. employers to ated in the industry, he added. Once you put that in, a lot of basic data
focus on hiring people based on merit,
The Garuda Drone Skilling & Training about the company like its directors
not their birthplace, a bill if passed
Conference which is to be conducted and their addresses will get auto popu-
would benefit several hundreds of thou-
in 775 districts across the country lated on forms that will eliminate all
sands of immigrants specially Indian-
hopes to reach 10 lakh youth, he said. the duplication that currently have be
Americans.
gone through while applying for li-
Noting that currently there are over
A Green Card, known officially as a Per- censes," Goyal said.
200 drone startups operating in the
manent Resident Card, is a document
country, the minister said that this
issued to immigrants to the U.S. as evi-
number will increase to generate lakhs Govt plans to offer incen-
dence that the bearer has been
of new job opportunities for the youth. tives to boost shipbuilding
granted the privilege of residing per-
manently. Effective policies, incentives to indus- industry
try and 'ease of doing business' are
This week, the House of Representa- India plans to offer cash subsidies,
providing the much needed impetus to
tives is scheduled to vote on the Equal lower taxes and other incentives to
the drone sector which has a huge po-
Access to Green Cards for Legal Em- bolster its shipbuilding industry, two
tential in India, he said.
ployment (EAGLE) Act of 2022. government sources said - part of an
effort to reduce the pain of high
The EAGLE Act would eliminate a per-
Companies may get all ap-
country cap on employment-based freight rates for the nation's manufac-
green cards - a policy that dispropor- provals with only PAN on turers.
tionately affects Indian immigrants. The plans include subsidies so that at
new portal
least 50 new vessels can be built as
If passed, this legislation would phase From next year businesses may just
well as the granting of "infrastructure
out the per-country caps over the need to fill in their PAN on the "na-
status" to the industry which would
course of nine years to ensure that eli- tional single window system" (NSWS)
help with financing from banks, said
gible immigrants from less populated portal being developed by the govern-
the government officials.
countries are not excluded as the ment to get approvals for new
EAGLE Act is implemented. projects, buying land, license renewals A 10 billion rupee ($123 million) mari-
12 | 2023 | JANUARY | BANKING FINANCE