As one of the largest importers of defence equipment in the world, India's defence procurement affects many domestic and foreign companies, whether or not defence related, owing to its defence offset policy. The policy continues to evolve with as many exceptions as conformities in implementation. This is because of the country's diverse and competing needs for defence, industrialization and economic self-sufficiency. These needs, along with the industry's needs to make profitable investments, are articulated in this book by defence analysts, civil and elected officials, Western original equipment manufacturers and Indian manufacturers, including public sector undertakings. Table of Contents: Foreword S.K. Munjal Preface Part I: An Overview of Different Perspectives Divergent Views on Defence Offsets ManMohan S Sodhi and Rajiv Bhargava Part II: Perspectives from the Indian Government and Analysts India's Needs and Defence Offsets E.S.L. Narasimhan Offsets: A Finance Perspective Vijaylakshmy K Gupta Objectives and Potential of Offsets Mrinal Suman Defence Offsets and Capability Build-up S.N. Misra Chinese Takeaways for Building a High-tech Defence Innovation Base in India Smita Purushottam Technology in Offsets: A Strategic Tool to Galvanize the Indian Defence Industry Shobhana Joshi The Value Chain in Defence OffsetsK V Kuber Knowledge Arbitrage through Defence Offsets S S Mehta Part III: Views from the Global OEMs Offsets: A Global Prime Standpoint Nalin Jain FDI in Defence Offsets Thelakat Jayadevan Essential Elements of a Successful Offset Policy George B White Offset Policy: The Link between OEM and Local Industry Yannis Ailianos Nurturing Long-term Relationships through Banking and Trading of Offsets R S Bhatia Part IV: Views from thhe Indian Private Sector An Overview of Indian Defence Manufacturing V. Sumantran Dealing with the Government: An SME Perspective Arvind Lakshmikumar Warship Building in India M K Badhwar SMEs as Prime Contractors Ashok Atluri The Market Opportunity Vivek Lall Conclusion - The Larger Context of Indian Manufacturing Building India's Defence Industrial Base R.C. Bhargava Index