NEW DELHI - India Wednesday said that it is likely to ink defense contracts worth 460 billion rupees (about $10 billion) in the next five to 10 years.
"In the 11th Plan, the value of offsets contracts is likely to be more than 100 billion rupees. In addition, (offsets worth) 48. 18 billion rupees are at the contract negotiation and 315 billion rupees are at other stages," Indian Minister of State for Defense M.M. Pallam Raju said in the national capital.
Stating that offsets provide an opportunity for small and medium enterprises to emerge as suppliers for Indian defense companies and earn a significant revenue, he said 12 offsets contracts worth 99.43 billion rupees have been signed which have benefitted 85 public and private sector companies.
The minister said that the country is looking to procure an increased number of platforms such as unmanned aerial vehicles, Airborne Early Warning Systems, refuelling tankers, battle tanks and missile systems.
"It would need to develop a robust industrial base for all these," he said. India is the 10th largest defense spender.
