In the context of defence, Govt is the only buyer and, therefore, people will establish units only if there is a likelihood of their getting business and, therefore, our policies have to be tuned to this reality

to manufacture a given percent of his product (in terms of value) in the buying country. This may also be through technology transfer.

"Our policies have to be tuned so that we are able to incentivise people that it is worthwhile to setup manufacturing bases in India," he said.

He did not elaborate on the policy in works or whether it will include tax incentives and state support. Jaitley said the response to Make in India in defence has been encouraging.

India is the world's largest arms importer, spending some 1.8% of its GDP on defence. It imports about 70%of defence equipment, a proposition which the government wants to change. With its growing global clout, India -- which has topped the Stockholm International Peace Research Institute's list of largest defence importers for the last seven years – is looking at self-reliance in aerospace and defence industry. NEW DELHI: From June onwards, float-adjusted market valuation for a six-month period will be taken into account for deciding the constituents of S&P BSE Greenex index. The revised methodology would replace the existing practice of considering the market valuation for a three-month time frame. The index is operated by Asia Index, an equal venture between S&P Dow Jones Indices LLC and BSE.

According to the new methodology, "float-adjusted market capitalisation and value traded data used for the rebalancing is based on six-month reference period". The changes will be applicable in June when the rebalancing of the S&P BSE Greenex index takes place.