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Government to simplify offset clause for procurement contracts

The Government is likely to simplify offset clause for procurement contracts in near future as it is thinking of allowing defence procurement contracts to go through even if negotiations for offset agreements linked to them are not sealed because it takes time to identify partners. This in turn is expected to reduce down the time taken in closing any defence deal. However, it is still mandated that winners of contracts must seal offset arrangements, under which they are required to set up local manufacturing units or enter into sourcing deals locally, within a year of signing the main deal.

Source: http://economictimes.indiatimes.com/articleshow/47436397.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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