It is a thought that may have come a trifle too late.
Photo: Bloomberg
For long India has been one of the biggest purchasers in the energy and commodity markets. Playing catch up on its defence capability, it is now also emerging as a huge destination for defence suppliers. Now, India is considering leveraging this market potential to procure much needed state-of-the-art technology and long-term energy resources by creating a national entity to manage these purchases. The idea is to do this through offset arrangements with foreign suppliers.
In theory, this strategy fits like a glove. But practice can be an entirely different story. Especially given the allegations of graft that have dogged the UPA for most of its second tenure.
Moreover, even if this is covered, the country will need a bunch of tough negotiators who can get wily suppliers to fall in line.
