Defence Offset crosses Rs. 8900 crore
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  • Defence Minister, Shri AK Antony wrote to inform the Lok Sabha that about 10 offset contracts have been signed since the policy was announced in 2005 and revised subsequently. The International companies/agencies with which the offset contracts have been signed include Rosoboronexport, RAC MiG from Russia, Italy’s Fincantieri, Lockheed Martin and Boeing of US and Elta, Israel Aerospace Industries and Rafael from Israel. The estimated value of the offsets involved in these contracts is over Rs. 8909 crores, as stated by the government. “Implementation of the offsets is expected to result in expanding and enhancing the manufacturing infrastructure and technical knowledge necessary for indigenous manufacture of weapon systems required by the Armed Forces”, noted the Minister.1

    • 1. Government of India, Ministry of Defence, ‘Offset agreements under defence procurement policy’, Press Release, December 14, 2009