In a speech at the conference organised by the PHD Chamber at DefExpo 2010, Minister of State for Defence Pallam Raju stated that India will finalise defence offsets worth Rs. 49, 000 crores in the next few years. He pointed out that “41 offset contracts” were at various stages of negotiations. The MoD has so far signed 10 offset contracts worth Rs. 8,200 crores. Apart from state-owned DPSUs and OFs, 31 private companies have also received offsets.1

• 1. Government of India, Press Information Bureau, ‘Defence imports affects National Security, Foreign Policy: Pallam Raju’, Press Release (Ministry of Defence), February 16, 2010 at http://pib.nic.in/release/release.asp?relid=57904&kwd=