India clocks defence offsets worth over $7 billion till January 2024

The total amount under defence offset stood at $2.9 billion as of March 2020, according to data from the Department of Defence Production

India, which is the world’s largest arms importer, has racked up over $7 billion worth of offsets from international entities who had sold defence goods to the country.
 

Defence firms that win large orders are required to compensate by investing in local industry or making purchases from them. This is referred to as defence offset and is essentially a mechanism whereby the resource outflow for defence is compensated by the development of local industry or transfer of technology.
 

The total amount under defence offset stood at $2.9 billion as of March 2020, according to data from the Department of Defence