Wednesday, February 07, 2007

Bangalore: India's new offsets policy on defence imports is restrictive and needs to be broad-based, US Ambassador to India David Mulford said here today.
"India's offsets policy is restrictive. I am not saying I would like it to change, but I am sure it is likely to change over time," he said at a press conference here on the eve of Aero India 2007, the country's biggest international air show that opens here Wednesday.
"India's offsets policy is ministry based, like in some other countries. The approach should be such that it benefits the Indian industry," the envoy said.
"We are very comfortable with offsets. American corporates have a genius for technology transfer and this could be the basis for US-India cooperation in the industrial field," Mulford added.
Under India's new offsets policy on defence purchases, 30 percent of all deals valued at over Rs.3 billion (approximately $68 million) has to be reinvested in the country. This has given rise to apprehensions that a slew of big-ticket deals in the pipeline could be delayed as India's policy makers figure out exactly how the policy is to be implemented.
06/02/7 Telugu Portal

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