India to review defence offset policy

India is reviewing its offset policy in defence procurements, introduced in 2006, to bring in more transparency and clear ambiguities even as review of the 11th Plan has pegged the Army’s shopping list at nearly at Rs 41,000 crore. The offset policy is aimed to prevent cash outflows and make it mandatory for foreign firms that bag defence contracts to reinvest a part of the total contract value by entering into local tie-ups in the defence industry.

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