Government releases new defence procurement policy
Government releases new defence procurement policy; enables foreign vendors to create offset programme in anticipation of future contract.
All defence vendors to be given advance information before release of Request for Proposals in procurement cases, except those sensitive in nature.
Bidders for Indian weapons contract required to sign integrity pact in all deals exceeding Rs 20 crore.
New policy enhances financial powers of Navy, Army and Airforce HQ for capital acquisition to Rs 50 crore; that of Defence Secretary enhanced to Rs 75 crore.