The defence acquisitions of India are also proving to fruitful for the Indian defence industry which is likely to gain by defence offsets signed so far.
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The offset contracts value at a whopping $ 4.279 billion. Any foreign vendors entering a defence contract valuing more than Rs. 300 crores is mandated to invest 30 percent of the deal in Indian defence industry and it is called offsets. Surprisingly not a single defence offset for the Indian Army.
Here is the reply of Defence Ministry in the Parliament
The Defence Procurement Procedure (DPP) is refined and updated periodically. DPP was last reviewed in 2010 on the basis of experience gained during its implementation and feedback received from various stakeholders including Armed forces, Indian defence industry, Industry Associations and Original Equipment Manufacturers. DPP-2011 was promulgated with effect from 1st January, 2011. The amendments aim at expediting decision making, simplification of contractual and financial provisions and establishing a level playing field for the public sector and private sector.
17 Offset contracts have been signed so far with a value of about US $ 4.279 billion. Details are given in table below. The offset contracts are at various stages of execution.
The offset policy was introduced in 2005. It is a relatively new policy and in the process of evolution. The first offset contract was signed in 2007. Implementation of the Offset contract is co-terminus with the execution of the main contract as per present guidelines. Indian Industry both public and private sector are benefitting through investments and purchases by foreign vendors who have signed Offset contracts. The positive impact of Offsets on development of the indigenous Defence industrial base will be visible in the coming years.
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