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India has drawn up a shopping list for tens of billions of dollars of foreign fighter jets, armored vehicles, submarines and helicopters but it will only sign the checks if they are made in India. The world's largest defense importer has announced a new policy inviting foreign defense manufacturers to set up shop as minority partners in India.Luring foreign defense companies to build in India would be a major and much-needed boost to the economy.India is seeking to follow other countries that created defense sectors by backing a few big players with long-term defense orders and allowing smaller businesses to develop around them.India currently imports at least 90 percent of its defense equipment including parts for assembly.It is banking on foreign companies to bring in new technology.Under the strategic partnership policy, India will line up domestic companies that foreign players have to choose from to set up local plants.
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