Twenty-one defence offset contracts with cumulative value of USD 5.67 billion have been sealed by the defence ministry in last three years, the government said on Wednesday. Under India’s offset policy, foreign defence entities are mandated to spend at least 30 per cent of the total contract value in India through procurement of components or setting up of research and development facilities.
Replying to a question in Lok Sabha, Minister of State for Defence Shripad Naik said 21 defence offset contracts worth USD 5.67 billion approximately have been signed in the last three years.
“A study on impact of offsets on defence industrial base has been conducted by department of defence production through Institute for Defence Studies and Analysis (IDSA),” he said.
