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India Relaxes Offset Guidelines, Sets 20% penalty on Failure to Fulfill...
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.
Indian Offset Policy on a Crossroad
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.
France Selected as the Lowest Bidder for the Indian MMRCA Program
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.