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The Indian defence ministry has decided to review the Defence Procurement Procedures [DPP} on an annual basis, instead of its earlier provision of a periodical review every two years.
This is in order to infuse greater transparency; to encourage involvement of indigenous industry in defence procurement; and to keep pace with changing times.
Indian defence minister AK Antony announced in the upper house of parliament on July 27 that the Offset Policy in DPP-2008 has been revised on the basis of experience and feedback gained in implementation of Offset Policy of DPP-2006.
A press release issued by the defence ministry on July 27 stated that the salient features of the Offset Policy of DPP-2008 include the concept of offset credit banking, being introduced to enable foreign vendors to create offset programmes in anticipation of future obligations.
This will also enable foreign industry and their Indian offset partner to have long term arrangements to discharge offsets and will thus enhance the capacity of the Indian industry to absorb offsets.
The press release noted that a private industry is now required to have an industrial license only if so stipulated under the guidelines/licensing requirements for the defence industry issued by the Department of Industrial Policy and Promotion.
A list of defence products has been added to facilitate the foreign vendors in implementing their offset obligations, added the news release.
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