NEW DELHI — India has about $10 billion worth of offset contracts in the pipeline, says a junior defense minister. “Since the introduction of the offset clause in our Defense Procurement Procedures [in 2005], offset contracts worth nearly 150 billion rupees ($3 billion) have been concluded so far and, I am told, that the total value of the offset contracts which are in the pipeline is estimated to be over 410 billion rupees,” M.M. Pallam Raju says.

NEW DELHI — Pakistan has successfully conducted a test firing of the multi-tube, indigenously developed Hatf-VII cruise missile (aka Babur) to validate the design parameters of the weapon system and a new Missile Launch Vehicle (MLV). The low-flying, terrain-hugging missile has a range of 440 mi. with high maneuverability, accuracy and radar avoidance features, the country’s military said in a weekend statement.

The panel of ministers looking into Air India’s financial restructuring plan has recommended an equity infusion of 66 billion rupees ($1.3 billion) into the cash-strapped airline and referred the aircraft purchase to the federal Cabinet. “The report by the group of officers on the turnaround plan was discussed today at the meeting of group of ministers. The report and the observations by the group of officers would be sent to the central bank of India for further referral,” Civil Aviation Minister Vayalar Ravi said after the meeting Friday.