Kochi, Nov 23 (UNI) India, having immense bargaining power with a large number of high value defence imports in the pipeline, should demand and acquire much needed high-end technology through 'Offsets' to upgrade its defence industrial potential, said Flag Officer Commanding-in-Chief of Southern Naval Command Vice Admiral Sunil K Damle.
Addressing a gathering after inaugurating the one-day seminar on 'Defence Procurement Procedure Offset Policy --Opportunities/Challenges for Indian Aerospace Industry' here, VAdm Damle said according to the 'Offset' clause in DPP 2006, it was compulsory for all foreign companies, supplying weapons and weapon systems above Rs 300 crore, to generate business amounting to 30 per cent of the imported value within India.
He said 'Offsets' were prevalent in many defence procurement agreements across the world and more than 130 countries were demanding them in one form or the other.
''The current market is estimated to be close to 50 billion dollars and the developed and rich nations like the Netherlands, Switzerland and the UK demand and receive maximum defence related 'Offsets' through an Industrial Participation programme,'' he noted.
As a country's defence expenditure depended on its economy, the high domestic growth rates in India and China would indicate substantial military expenditure in the near future, he noted.
Naval units here in association with the local branch of the Aeronautical Society of India (AeSI) organised the seminar.
President of Society for Indian Aerospace Technologies and Industries (SIATI) C G Krishnadas Nair delivered the key note address. A paper on 'Role of Defence Offset Facilitation Agency' (DOFA) was also presented by Col K V Kuber.
International delegates representing Selex, National instruments, Agusta Westland and Eurocopter Rolls Royce also participated in the seminar.