Government has said, defence offsets policy would be the key driver for the growth and modernisation of the defence industrial base in India. Minister of State for Defence, Mr M M Pallam Raju today said in New Delhi, India’s Defence Offsets policy is evolving as per the requirements, keeping in perspective policy considerations and global processes. <br/><br/>He was speaking at a Seminar on Leveraging Offsets for Naval Self Reliance organised by Confederation of Indian Industry.<br/>Defining the milestones achieved in offsets domain, Mr Raju outlined that offsets proposals worth 49,000 Crore are in the pipeline. <br/><br/>Given the complexity involved in supervision of offsets, an administration infrastructure to facilitate offsets banking has been put in place.<br/><br/>The minister said, Public sector alone will not be able to absorb huge amount of offsets that are to be generated in future. Offsets therefore provide an opportunity to domestic players to penetrate the sensitive defence industry. <br/><br/>The minister further added the government is also planning to take a look at replicating tax benefits extended to exports firms to the domestic players as well. <br/><br/>Urging the Industry to gear up, the minister earmarked the prospects of ‘Buy and Make’ Indian categories which facilitates Joint Ventures with foreign companies. <br/><br/>He also stated that a strong defence industry will help India in leveraging its buying power, expanding technological base, facilitating global tie-ups and joint ventures. <br/><br/>This will be in aimed at reducing defence imports and promoting indigenisation.<br/>