Private sector to get level playing field in defence manufacturing: Government
27 Aug 2007
The centre says that it will ensure a level playing field for the private sector in defence manufacturing,
Encouraging the private sector to take advantage of the ''defence offset policy'', minister of sate for defence M Pallam Raju said at a seminar in New Delhi that foreign vendors in big-ticket defence deals were free to choose an Indian partner of their choice.
The seminar, on the theme ''defence offset policy: Opportunities for Indian IT and electronics industry, was orgainsed jointly by the Defence Offset Facilitation Agency (DOFA) and CII, for over a hundred entrepreneurs.
The minister also released a book, Indian Defence Procurement Opportunities A Guide, written by Major-General Bhupinder Verma to aide entrepreneurs on defence procurement systems.
The union budget for the year ending March 2008, has an allocation of nearly Rs42,000 crores (over $10 billion) for acquiring of weapons, systems and equipment.
The Confederation of Indian Industry (CII) estimates India will spend about $45 billion in arms purchases, making it amongst the most attractive defence markets in the world.
These purchases are expected to yield benefits of around Rs10,000 crore to Indian industry as a result of the new offset policy, as spelled out in the ''defence procurement procedure, 2006'', aimed at building export oriented indigenous capabilities for the global defence industry.
Interacting with entrepreneurs, P K Rastogi, additional secretary (department of defence production), defence ministry, said that exports by just a couple of defence PSUs were still a small fraction of the country''s huge defence budget of Rs96,000 crore rupee. Rastogi pointed out that so far only 37 licenses had been granted.
The
DOFA was set up by the defence ministry in September last
year to act as bridge between Indian defence industry
and potential vendors. It also helps private industry
obtain industrial license for manufacture of defence products
from the Department of Industrial Promotion and Policy
(DIPP).
Latest articles
Featured articles
The remarkable Ratan Tata
By Kiron Kasbekar | 23 Oct 2024
One newspaper report of Ratan Tata’s passing away showed an old photo of him climbing into the cockpit of a Lockheed Martin F-16 fighter.
Lighter than air, yet very, very powerful
By Kiron Kasbekar | 03 Jan 2024
In March 2013 Chinese scientists pulled off a remarkable feat. They created the world’s lightest aerogel. Tipping the scales at a mere 0.16 milligrams per cubic centimeter – that’s a sixth of the weight of air!
COP28 explained: A closer look at COP28's climate change solutions
By Aniket Gupta | 27 Dec 2023
The 28th United Nations Climate Change Conference, also known as COP28, took place from 30th November 2023, to 13th December 2023, at Expo City in Dubai, United Arab Emirates.
What is a Ponzi scheme?
By Aniket Gupta | 06 Dec 2023
Ponzi schemes have long captivated the public imagination, drawing unsuspecting investors into a web of illusion and deception.
The Rise and Rise of HDFC Bank
03 Jul 2023
HDFC, which surged ahead of global majors like HSBC Holdings Plc and Citigroup Inc and left Indian peers like State Bank of India and ICICI Bank in market capitalisation, now ranks fourth largest among the world’s most valuable banks, after JPMorgan Chase & Co, Industrial and Commercial Bank of China Ltd and Bank of America Corp
India’s Millet Revolution To Enrich Global Food Basket
02 Apr 2023
Millets, a healthier and cheaper substitute to wheat and rice, are indigenous to many parts of the world, especially in the semiarid tropics of Asia and Africa, and offers a big scope for expanding production and consumption in the foodgrain deficient African continent
Market predator Hindenburg preys on Adani stock
06 Mar 2023
Almost a month after the damning report of short-seller Hindenburg Research on the Adani Group that claimed that the seven stocks within the group were about 85 per cent overvalued, one of the group's stocks, Adani Total Gas, closed at Rs835 on the BSE, down nearly 79 per cent from its 24 January level, almost close to reaching that valuation