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Defence offset policy to fetch $10 billion

Staff Reporter

M.M. Pallam Raju

RAJAHMUNDRY: Minister of State for Defence M.M. Pallam Raju on Thursday said that an offset policy was designed under which defence procurements of Rs.300 crores and above should be 30 per cent indigenous.

"Through this policy in the 11th Five-Year Plan, the country is going to get $10 billion by way of 30 per cent indigenous procurement," he said, aimed at increasing private participation in the defence sector.

Replying to a question, he said the FDI limit was fixed at 26 per cent in defence production. The Minister was in a jubilant mood after his return here from Wheeler Island where he witnessed the test-firing of Agni III missile.

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