Defence procurement policy will boost local industry: FICCI

New Delhi, April 22 (IANS) The defence procurement policy unveiled by the government last week is "a major step forward" and will help boost local industry, the Federation of Indian Chambers of Commerce and Industry (FICCI) has said.

"Clarity in the definition of indigenous content and resolution of issues related to taxes and duties with respect to the private sector are welcome steps," said A. Didar Singh, FICCI secretary general.

"Industry will look forward to the fine print and hopes that issues related to loading of taxes and duties on Indian offset partners where system integration is done within India by the private sector as also domestic industry being granted purchase preference over foreign OEMs are addressed," he said.

The government Saturday unveiled the new amended policy called Defence Procurement Procedure (DPP) that seeks to give first priority to Indian firms for major military procurements.

"The initial feedback from the industry on the policy is positive; however, the fine print will bring more clarity and help assess the true impact of the revised policy," FICCI said in a statement.