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Govt curbs money-saving tactics of foreign firms

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NEW DELHI (PTI): Practice of international firms registering through Indian subsidiaries to save up to 60 per cent participation fees will not work at this year's Defexpo with the Indian Defence Ministry giving concessional rates solely to domestic firms.

"By registering through their Indian subsidiaries, foreign firms were saving up to 57 per cent participation fees at the show. But this year, we turned them away and concessional rates have been given only to Indian firms," Secretary (Defence Production) G D Pati told reporters here Tuesday.

Wing Commander M D Singh, an official in the Department of Defence Production, cited the example of American civilian and defence firm Boeing while explaining how the foreign firms were saving on participation fees by registering through their Indian entities.

He said foreign and Indian firms are charged different fees for participating at the military exhibition and the difference sometimes exceeds 57 per cent depending on the dollar rate on the particular day of registration for the show.

"This year we have kept the concessional rates only for the pure Indian firms," he said.

Pati said that 624 exhibitors will take part in Defexpo, out of which 256 were Indian companies and 368 foreign firms.

The number of Indian firms present at the show has been reduced by more than 25 per cent with only 256 of them taking part in the exhibition compared to 335 in 2012.

Russia would be the largest foreign participant at this year's show beginning today.

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Defexpo  India  Firms   
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