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Amid growing criticism of its unrealistic demands for buyback, India has relaxed its offset guidelines to enable foreign vendors to fulfill their obligations in timely manner by including Technology Transfer and R&D as offsets. New Delhi also imposed a 20% penalty on vendors failing to fulfill their offset obligations within the prescribed timeframe, as set by the Defense Department procurement procedure.
India needs to leverage its current and future defense aerospace purchases to create an indigenous high-technology aerospace industrial base that will underpin its national security and economic strength. For this to happen, the need for structural and regulatory reforms of this sector cannot be exaggerated.
The French Dassault Rafale omnirole fighter was selected as lowest bidder in the Indian Medium Multi-Role Combat fighter Aircraft (MMRCA) and is expected to be announced as the Indian Air Force preferred choice for the program.