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New Delhi, Aug. 24 The Government is considering a proposal to provide banking credits to meet business obligations generated through defence offsets, said the Minister of State for Defence, Mr M.M. Pallam Raju.

There was a need for stronger public-private partnership to meet future security challenges of the country, he added. The Minister was addressing a seminar on defence offset policy, organised by the Confederation of Indian Industry in association with Defence Offset Facilitation Agency, Ministry of Defence, on Friday.

According to estimates available, the cumulative value of the Indian defence market for the next five years would be approximately Rs 1,80,000 crore ($45 billion). The Minister said now is the time for the defence PSUs, private industries including small and medium enterprises to develop world class defence technologies.

This will also provide opportunities to the IT and electronic industries and help India meet global expectations. He emphasised on a co-ordinated approach between the Ministry of Defence, the armed forces and the industry to strengthen the defence base of the country.

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