The Indian defense ministry will be clearing projects for defense offsets that could cross $35 billion by the end of this year.
“A majority of projects cleared by the Defense Acquisition Council over the past year will be manufactured in India by foreign companies in partnership with Indian firms. The DAC has so far approved projects worth $28 billion to modernize the armed forces,” Defense Minister, Manohar Parrikar was quoted as saying by Bloomberg News during the inauguration of aerospace machining facility at Aequs SEZ at Hattaragi in Karnataka Monday.
“The projects for defense offset could cross $35 billion by this year. This will be the biggest boost to the 'Make in India' initiative,” Parrikar said.
Since June 2014, the government has issued 70 industrial licenses in the defense sector while another 60 applications were as on July 2015. So far, India has issued a total 287 industrial licenses in defense sector.
Parrikar said the government is in process of finalizing partners for strategic projects in defense. The government is also finalizing a revised offset policy to woo more foreign investment.