An India Offset Infrastructure Fund, was suggested by Mr Ravi Parthasarathy, Executive Chairman, Infrastructure easing and Financial Services Limited.
Considering 'India's deep requirement for infrastructure, at about $300-500 million”, he suggested that contribution to such a fund could be accepted as mitigation of indirect offset liability.
Mr Don Brown, Chairman of the Asian Committee, Global Offset and Countertrade Association, mentioned the potential of offset policies, and also said that anti-trust and competition laws needed to be stringently followed.
In his opening remarks, Mr Satish Kaura, Chairman of the CII Manufacturing Council, and Chairman of the Samtel Group of Companies, said that the culture of innovation had led to India's recent economic growth.
This had been displayed particularly in the services sector. With the policy framework in place for entry of the private sector in offset, India can now leverage its buying power to upgrade technology through technology transfer.
Another advantage of offsets is that it will help the small and medium enterprises (SMEs) enter the sophisticated defence industry.
He also called for a National Offset policy for civilian industries. This could also be an opportunity, he said, and industry could learn and become part of the global defence supply chain.
In his concluding remarks, Lt Gen SS Mehta, Director General CII, said that we need to think of how we can position ourselves so that we become a manufacturing and technology power as well as an economic power, and offsets in the public and private sector had opened up new avenues of possibilities.
But, he said, the definition of 'dual use' is important so that it does not become a roadblock. India, he said, could be a global manufacturing hub as well as a part of the global supply chain.
Confederation of Indian Industry
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