Centre to introduce new 'offset policy'

Hyderabad, Oct 19 (UNI) The Centre will amend the existing 'Offset Policy' to involve private participation in a big way in the defence manufacturing sector and introduce the new offset policy before the end of the current fiscal, Minister of State for Defence Pallam Raju said today.

''We will modify the existing provisions, creating a congenial atmosphere for private industries to grab the opportunities in the growing defence sector,'' he told newspersons here.

Stating that the total business potential for private industries was around 10 billion US Dollars in the next five years, Mr Raju said, last year's offset policy had provided 30 per cent sourcing of all defence deals, worth over Rs 300 crore, to the domestic industry.

The Minister said private participation in the manufacture of defence products would help in timely delivery of weapons system and pave the way for greater 'self-reliance' in defence production.

UNI