NEWS | DIGEST: MILITARY: ASIA PACIFIC
Raksha Rajya Mantri Shripad Naik in a written reply in the Lok Sabha said on November 20, 2019 that 21 defence offset contracts with cumulative value of $5.67 billion approximately have been signed by the Ministry of Defence (MoD) in the last three years. A study on impact of offsets on Defence Industrial Base has been conducted by the Department of Defence Production through Institute for Defence Studies and Analysis (IDSA). According to the study conducted, till March 2019, MoD has signed 52 Offset contracts valued at $11.79 billion to be discharged through Indian Offset Partners. Since the opening of private sector participation in defence production in 2001, 452 Industrial Licenses (ILs) have been issued till October 2019 for manufacture of a wide range of defence items. Further, so far, FDI amounting to 1,812 crore has been committed by the companies in the Defence and Aerospace Sector since April 2014.