In his first meeting with industry leaders after taking charge, defence minister Rajnath Singh on Friday promised to study suggestions for easing norms and promoting Make in India like he would study the Bhagavad Gita. He termed the private sector as the pillar of India’s strategic economic strength.
The minister announced that the offsets policy – seen as a major contributor to enhancing local production of military equipment – is being revised and assured the private sector that the strategic partnership model to award large platform programs to the industry will be executed smoothly.
Singh chaired a meeting of the Defence Acquisition Committee (DAC) on Thursday that has approved amendments in the offsets policy that will give companies incentives to invest in the two defence corridors earmarked by the government. Read More