In recent years, 360° videos have gained the attention of researchers due to their versatility and applications in real-world problems. Also, easy access to different visual sensor kits and easily deployable image acquisition devices have played a vital role in the growth of interest in this area by the research community. Recently, several 360° panorama generation systems have demonstrated reasonable quality generated panoramas. However, these systems are equipped with expensive image sensor networks where multiple cameras are mounted in a circular rig with specific overlapping gaps. In this paper, we propose an economical 360° panorama generation system that generates both mono and stereo panoramas. For mono panorama generation, we present a drone-mounted image acquisition sensor kit that consists of six cameras placed in a circular fashion with optimal overlapping gap. The hardware of our proposed image acquisition system is configured in such way that no user input is required to stitch multiple images. For stereo panorama generation, we propose a lightweight, cost-effective visual sensor kit that uses only three cameras to cover 360° of the surroundings. We also developed stitching software that generates both mono and stereo panoramas using a single image stitching pipeline where the panorama generated by our proposed system is automatically straightened without visible seams. Furthermore, we compared our proposed system with existing mono and stereo contents generation systems in both qualitative and quantitative perspectives, and the comparative measurements obtained verified the effectiveness of our system compared to existing mono and stereo generation systems.