With an eye to encourage the sale of defence equipment to foreign nations, the Indian Ministry of defence (MoD) has recently formulated 'Strategy for Defence Exports' that exemplifies a new and streamlined set of rules for obtaining clearances for the export of military stores by both private and public sector enterprises. The key points covered consist of:
- A new body, Defence Export Steering Committee (DERC) under the Chairmanship of Secretary, Department of Defence Production would be constituted within three months to regulate weapons exports. The Committee will have representatives of Armed Forces, DRDO, PIC Wing, Acquisition Wing, MEA, and DGFT.
- A national defence export facilitation body will also be set up.
- India to finance exports to weaker nations, to leverage Line of Credit facility of MEA
- Offset policy to be tweaked to promote exports
- Indian missions abroad to assist companies in exporting weapon