India abolishes offset banking in defence deals once again

Photo: India’s defence minister Rajnath Singh and defence production secretary Raj Kumar at an ambassadors conclave to promote AeroIndia 2021

New Delhi: Just a week after India‘s new defence procurement rules came into force, the Narendra Modi government today said it has abolished the Banking Offsetprovisions for arms deals with foreign companies worth over Rs 2,000 crore (~$273 million),…

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