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NEW DELHI: In his first meeting with industry leaders after taking charge, defence minister Rajnath Singh on Friday promised to study suggestions for easing norms and promoting Make in India like he would study the Bhagavad Gita . He termed the private sector as the pillar of India’s strategic economic strength.The minister announced that the offsets policy – seen as a major contributor to enhancing local production of military equipment – is being revised and assured the private sector that the strategic partnership model to award large platform programs to the industry will be executed smoothly.Singh chaired a meeting of the Defence Acquisition Committee (DAC) on Thursday that has approved amendments in the offsets policy that will give companies incentives to invest in the two defence corridors earmarked by the government. These policy tweaks have been in the works since last year. These policy tweaks have been in the works since last year.In what was seen as welcome news by the industry, the defence ministry announced at the meeting that a new defence procurement policy is in the works and is likely to be issued by March 2020. The new policy will cover several new issues such as software and information technology, post contract management and maintenance, repair and overhaul of military equipment that are not addressed currently.The defence minister laid special emphasis on promoting defence exports in the meeting while urging the industry to identify work in friendly foreign nations.