New Delhi: The offsets policy initiated by the government has benefited India's private military and aviation industry which got contracts worth over Rs 14,000 crore in last few years and can look towards getting business of few lakh crore more as the sector opens up further.
As per the offsets policy, foreign vendors bagging any deal worth over Rs 300 crore have to invest at least 30 per cent of the worth of the deal in the Indian industry only, Defence Procurement Procedure, Secretary (Defence Production) R K Mathur told reporters here.
With India looking to spend over Rs 15 lakh crore in defence procurements in the next few years, the value of offsets is expected to be around Rs Rs 5 lakh crore with a significant amount of the business likely to go to the private industry.
21/01/13 PTI/Business Standard
