Brahmand NewsPrevious Article
Brahmand NewsNext Article
Headlines
  • LIMA 2017:-The Langkawi International Maritime & Aerospace Exhibition (LIMA) is the largest show of its kind within the Asia Pacific region and will be held from 21 – 25 March 2017....
  • IAF's Super Hercules damaged in Ladakh's Thoise airfield:-A C-130J Super Hercules aircraft of the Indian Air Force suffered damage while taxiing at high altitude Thoise airfield in Ladakh and a Court of Inquiry (CoI) is currently underway. ...
  • Seven new Earth-like planets discovered, may host life: NASA:-Astronomers have discovered the first known system of seven Earth-sized planets around a single star - located a mere 40 light years away - that could have liquid water, and possibly host alien life. The discovery sets a new record for greatest number of habitable-zone planets found around a single star outside our solar system. ...
  • Anil Ambani discusses defence investments with UAE's PM:-The Indian business tycoon has met the UAE Prime Minister and Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum on the sidelines of the International Defence Exhibition and Conference, IDEX 2017 – one of the biggest international defence shows underway in Abu Dhabi. ...

USD 14 billion worth defence offsets to be discharged: Bhamre

Article
Line Spacing+- AFont Size+- Print This Article

HYDERABAD (PTI): Nearly USD 14 billion worth of defence offset obligations would be discharged in India by foreign original equipment manufacturers (OEMs) by 2028, MoS for Defence Subhash R Bhamre has said.

Reading from a prepared text of his speech on Thursday, he also said that the government has emphasised on "indigenous manufacturing to reduce the defence budget by 50 percent within a decade".

However, Defence Ministry spokesperson in New Delhi said what the minister meant was reducing the expenditure on account of defence imports by 50 per cent through indigenous manufacturing.

He said the defence industry has the potential to become a huge foreign exchange earner and also lead the country to its professed goal of self-reliance.

"Nearly USD 14 billion worth of defence offset obligations will be discharged by the foreign OEMs by 2028," he said while delivering the inaugural address at seminar - Leveraging defence expenditure as a tool for nation building - organised by College of Defence Management here.

He noted that India has the 3rd largest armed forces in the world and spends approximately 40 per cent of its total defence budget on capital acquisitions, and about 60 per cent of defence requirements are met through imports.

"There is an urgent need for innovation in the defence manufacturing sector with increased focus on R&D and to prepare a pool of human resource expertise which will help in making equipment and technologies cheaper," he said.

Thanks to the Centre's 'Make in India' campaign, the defence sector has moved from the periphery to the core of Indian manufacturing, he pointed out.

"The sector not only has the potential to augment manufacturing but also add nearly one million direct and indirect jobs," Bhamre said.

He also said the government is taking steps to bring in a framework that encourages collaboration between public and private sector companies for defence export based on public private partnership model.

"The DPSUs (Defence Public Sector Undertakings) and private sector should also put in place a system to share the capability and capacity to support overseas sales, servicing and maintenance throughout the life of the product," he said.

Pointing out that the human resource capacity in the private sector has already demonstrated its worth in fields of automobile, IT and service sectors at global platform, he said the government is trying to replicate the same model by inducing private sector and foreign OEMs to invest in defence manufacturing.

Tags:

India  Defence  Offset  Bhamre  MoD  
Line Spacing+- AFont Size+- Print Article

Other Related News

Russia-India: True Comrades-in-Arms

Russia's decision to join hands with India's Pipavav Shipyard to build three new-generation Talwar class guided missile frigates for the Indian Navy will be a win-win game for the two most-trusted strategic allies.

Upcoming Defence Exhibitions

BRAHMOS Missile Systems

Headlines

Brahmand World Defence Update 2017

Image Gallery