Indicia’s collective knowledge periodically gets reflected in the media – nationally and internationally – from time to time.

Quotes in the Media:

The Economist, 16 – 22 April 2016:

All that could change if Indian companies develop expertise to design, not just assemble, equipment. Last month the government said it would give priority to weapons designed and made in India. It should also let firms export their wares—which, in the long term, is the only way investments in arms-making pay, says Deba Mohanty of Indicia, a consultancy. Countries that spend heavily on armed forces typically have successful arms-making companies. India’s ambition, one day, is to stop being an exception to this rule.



The Economic Times
Chairman of Indicia Research & Advisory, Deba R Mohanty, says, "The defence budget looks disappointing on the surface. But, we must contextualize it in the current government's priorities. An adjusted Rs 22,000 plus crore 'unspent' capital expenditure and only another Rs 3,000 odd crore added to last year's revised budget of Rs 2,24,000 crore to touch Rs 2,49,000 crore this year is certainly not good news for the armed forces."

Mohanty argues, "We are actually spending reasonably well on national defence purposes. This is not all, if we include national security priorities, whose resources allocations are embedded in other ministries and departments (MHA, Department of Atomic Energy, Department of Space, etc.), we are actually talking about more than a quarter of our annual expenses on security. How much can a state like India spend on security?"


The Financial Express
Independent analyst Deba Mohanty of Indicia Research & Advisory says, “I was hoping for a usual 10 % increase from the last year’s budget estimates. However, I am not disappointed for the very simple reason that I have been trying to read defence minister Manohar Parrikar’s mind for the past 16 months. He has chided his armed forces as ‘erratic buyers’, instructed them to prune their demand on long-pending and irrelevant purchases, avowed that domestic purchases would save money. When I look at all figures in the budget, I realise that what he has been hinting at have actually been factored into.”


Reuters / The times of India
Budget 2016: Centre holds defence spending steady, seeks to lose 'top arms importer' tag

"For the first time this government is having a look at our procurement policies and they are telling the military we are not interested in your outright purchases anymore," said Deba R Mohanty, chairman of Indicia Research and Advisory, a consulting firm on defence affairs.


The Mint, 18 February 2016
BAE Systems selects Mahindra as partner for howitzer assembly facility

“It remains to be seen whether the Indian ministry of defence actually signs a contract on the M-777 on an agreed formula where Indian companies share some of the workload of the original equipment manufacturer,” Deba R. Mohanty, chief executive at Indicia Research & Advisory.

“It then comes down to the nitty gritty of how the BAE and Mahindra work it out. It sounds fine, but finer points are yet to be worked out.”

“An earlier joint venture between BAE and Mahindra was rejected by the foreign investment promotion board during the last regime. One is not sceptical, but fructification of a joint effort is yet to be seen on the ground,” Mohanty added.

Mohanty cautioned that this is a proposed contract, which bends foreign military sales into a offset-based acquisition, where an Indian partner would be required.

”This is not as easy as it looks at the very outset,” Mohanty said.

Bloomberg: 28 January 2016
"India’s exports target seems ambitious," said Deba R. Mohanty, a defense analyst and chairman of Indicia Research & Advisory in New Delhi. "If it’s able to meet such targets, then it will in all likelihood be a competitor to many countries, including China."

The Mint, 26 January 2016
Mahindra’s defence ambitions take flight

“Mahindra Group has a fairly long track record in defence production, mostly in land-based systems. Its foray into aerospace is fairly recent. It will take a while before its performance as a systems integrator is assessed,” said Deba R. Mohanty, chairman and chief executive of Indicia Research and Advisory, a research and consulting firm focused on defence equipment.

“Mahindra has taken a preferred route of collaboration in aerospace through joint ventures with Airbus as it does not have aerospace design or manufacturing expertise on its own. Most of the other Indian private companies are likely to follow the collaborative route as well,” Mohanty added.

“I hope the JV works.”

Bloomberg: 25 January 2016
Bureaucratic complexities and premature announcements have slowed the Rafale negotiations, according to Deba R. Mohanty, chairman of Indicia Research and Advisory, which advises companies on investing in India’s defense industry.
“The new deal of 36 aircraft is still a bit away from eventual fruition," he said.

Airbus Helicopters teams up with India’s Mahindra Group
The Mint, New Delhi
4 July 2015

Deba R. Mohanty, chairman and chief executive of defence and technology consultancy Indicia Research and Advisory, points out that if the Avro replacement project can go to the Indian private sector instead of HAL, future helicopter projects can also go to the private sector.
In May, the Defence Acquisition Council cleared the sole bid of `11,930 crore by the Tata-Airbus consortium for manufacture of Avro transport aircraft for the Indian Air Force.

“Due to a variety of reasons like delayed and cancelled procurement projects, the demand for military aerospace products are growing fast. This becomes an opportunity for the private sector to grab and Mahindra’s latest attempt to get into helicopter market through a joint venture with Airbus serves as a good sign,” said Mohanty.
He said there is a massive helicopter requirement for the Armed Forces and every type of aerospace item is in short supply. “You only have one large state-owned aerospace producer HAL. It makes reasonable sense to encourage Indian companies to enter this lucrative market,” Mohanty said.

He, however, added a note of caution—the private companies who aim to enter the market have no prior expertise in systems integration, although many small and medium firms have been tier II or III suppliers.

“So, it makes sense for joint ventures like Tata-Lockheed, Mahindra-Airbus to participate in large tenders as vendors. Large investments, long design and development time, infrastructure and technology challenges as well as uncertain order flows will always be there, but many such challenges can be mitigated by joint efforts,” Mohanty said.



Now, Reliance Group seeks licence to make airplanes
Mint, 19 June 2015

“The gamut of industrial licenses, as sought by the Reliance Group, is good news. In the first instance, the license applications and domain areas seem too wide and I am not sure as to what the group is capable of. Once we get to know Reliance Group’s fructified negotiations with its foreign counterparts, we can make assumptions on how it is going to perform in the Indian military-industrial complex,” said Deba R. Mohanty, chairman and chief executive at defence and technology consultancy Indicia Research & Advisory.

Mohanty said a formidable Indian company, with requisite industrial, engineering and technical experience, is always a great candidate for defence engineering projects.

“Given the track record of the Ambanis, I expect a challenging performance from the Reliance Group in times to come. My fingers are crossed,” Mohanty added.



Quoted by Reuters: 19 February 2015
Cancellation would be "disastrous", said DebaMohanty, chairman at Indicia Research & Advisory, a New Delhi-based defenceresearch and consulting firm."It's a really tricky situation in which the supplier is unhappy, the bureaucrats are unhappy and the end user is disappointed," said Mohanty.



Quoted by The Week: 19 January 2015
The bigger pie, as the US looks at it, would be in the military-strategic field. Interestingly, that is one field where both sides want to get closer but just can't, because of a host of historical and technological reasons. The Mukherjee-Rumsfeld agreement has now run for 10 years, and despite pious statements about partnerships, "we have been only in a buyer-seller relationship with the US," said defence industry expert Deba R. Mohanty. "But this time, India wants access to the technology for developing an advanced industry here. This is difficult to achieve."


Source: CNBC-TV18
Hopeful of more defence reforms in future: Deba Mohanty
Oct 28, 2014, 12.13 PM IST

The Narendra Modi-led BJP government has clearly outlined that it wants to upgrade the Indian armed forces. Towards that end, defence minister Arun Jaitley has announced several defence reforms measures recently, key among them was the move to increase foreign direct investment from 26 percent to 49 percent.



The Telegraph, London
Britain’s Hawk trainer jet deal faces delays after India ‘loses file’
17 Sep 2014

Defence analyst DebaMohanty said the loss of the file was a serious breach of national security and called for an inquiry.

“If true, this is a serious, serious problem and a breach of security within the ministry of defence. How can a file go missing? The ministry must get its act together and the culprit must be found. We need to know what happened”, he said.



The Economic Times, New Delhi
“Global strategic move: India increases defence trainings in Asia, Africa and Latin America”
5 September 2014
DebaMohanty, a Delhi-based defense expert told ET that the NarendraModi government has the political will to expand defence cooperation globally in the coming days.
Source: articleshow/41737538.cms

The Mint
Godrej Precision to focus on niche product areas
12 May 2014
Few Indian entities have built niche system integration capabilities, said Deba R. Mohanty, chief executive officer, Indicia Research and Advisory, a defence research firm. “The government has been trying to engage the corporates in such niche product areas; the market has scope for large and small firms alike,” said Mohanty.
The New York Times
27 February 2014
“India wants to play a substantial role in the changing naval dynamics of the Indian Ocean, where China has been increasingly assertive. But the recent accidents could hinder those efforts”, said DebaMohanty, a New Delhi based defense analyst, who head a defence research firm.
“India is a major player in the regional maritime security construct,” Mr. Mohanty said. “So these kinds of accidents, both minor and major, are a major concern.”
Agency France Presse (AFP): 7 February 2014
Arms makers left frustrated as India awaits elections
"India's ambitions to be a self-reliant defence producer remains, but much soul searching needs to be done in order to make this ambition a reality," said Deba R. Mohanty, head of research firm Indicia.
"Indian defence procurement process is such a complex administrative web that the process gets stuck in its own complexities," Mohanty told AFP.

Agency France Presse (AFP): 7 February 2014
Arms makers left frustrated as India awaits elections
"Les ambitions de l'Inde de devenirunproducteur de matériel de défenseautonomedemeurentmaisune remise en question estnécessaire pour quecette ambition devienneréalité", relèveDeba R Mohanty, analystespécialisédans la tête et patron du cabinet conseil Indicia Research.
Les affaires de corruption, la complexité de la chaine de prise de décisionet le faiblesse de la rechercheralentissentcettemodernisation.
"Le processusd'achatestune machine tellementcomplexequ'elleparalysetouteavancée", dit M. Mohanty à l'AFP.

The Telegraph (UK)
India 'expanding its uranium enrichment programme'
6 December 2013
According to analyst DebaMohanty, ISIS's claims are biased against India but could delay its hopes of reaching uranium supply agreements with countries like Australia.
"If the report is proven as ISIS puts it, then it could prevent the prospective trade between India and Non-Proliferation Treaty countries. It could harm the acquisition of uranium for India's civil nuclear programme," he said.
The Financial Express
Mixed response to FDI push in defence sector
18 July 2013
"The MoD has amply demonstrated that it cannot be blindly influenced by decisions taken by other ministries. However, the ministry now needs to explain its position on FDI clearly to prevent any confusion,” said Deba R Mohanty, chairman and CEO, INDICIA Research & Advisory.

Jane's Defence Weekly
India suspends use of 'services' in offset discharge
Posted on 16 July 2013

DebaMohanty, the chief executive officer of Delhi-based defence consultancy Indicia Research & Advisory, told  IHS Jane's that the MoD's decision is unlikely to be reversed any time soon.

"It is likely that [the issue] is now being deliberated within the various ministries for commerce, home affairs and defence, and then following consultation with industry a consensus view could emerge, but this would take at least a few months, if not years," Mohanty said.

"The halting of the use of services for offset will negatively impact the aspirations of the foreign vendors. It will also impact on Indian offset partners because they will be under pressure from their foreign counterparts to deliver certain goods to compensate for the kinds of services that have been halted," he added.

"The foreign vendors will have difficulty in discharging offset. Some of them would have wanted to discharge offset through services that would have suited their purpose, so now they have to concentrate on discharging offset through a more direct route."

The ban means foreign vendors will be forced to discharge offset through activities such as the purchase of Indian products; foreign direct investment and investment in a joint venture; and the transfer of technologies, tools or equipment to an Indian offset partner enabling localised production.


Bloomberg / Washington Post
India Said to Plan Higher FDI Cap for Telecom, Defense Firms
11 June 2013
Companies with defense businesses, including Larsen & Toubro Ltd. and Mahindra & Mahindra Ltd., are likely to be concerned that increased participation by foreign players will lead to more competition, said DebaRanjanMohanty, chairman of Indicia Research & Advisory, a New Delhi-based defense research organization.
They will seek to ensure local firms benefit from the transfer of new technology, Mohanty said.

ABS Group / Washington, D.C.
Defence Procurement Procedure-2013 (DPP): Efficiency, Indigenization to be the New Mantras
2 May 2013
Says Deba R. Mohanty, Chairman and CEO of INDICIA Research & Advisory, “Recent amendments to DPP-2011 promise a lot, but only concrete results can justify promises. Most of the changes like prioritization of categories, roadmap for acquisitions – including capability development – are a logical step forward. One hopes these changes are implemented in letter and spirit. The devil actually lies in the details.”
Mint (in association with Wall Street Journal)
2 April 2013
Is it the end of the road for the Gypsy?
Maruti Gypsy’s sales to the Indian army may dry up after it fails to meet criteria for the latest contract
The Gypsy’s exit from the army had already been on the cards, said Deba R. Mohanty, chairman and chief knowledge officer, Indicia Research and Advisory. “I presume that Maruti may not be meeting the new requirements. Having said that, I think it will be a huge order and augurs well for the Indian companies involved in it.”
The Mint (in association with Wall Street Journal)
4 March 2013
The government seeks to reduce its dependence on imports and in this effort, firms in private sector would play a bigger role in the years ahead, said DebaMohanty, chairman and chief executive at Indicia Research and Advisory, a Delhi-based firm that offers research and consulting services to the defence and security sector. Moreover, the indigenously produced combat vehicles would save costs by 20-30%, Mohanty said.
Indicia’s Mohanty said the combat-vehicle order augurs well for private-sector companies. “The private sector has never been involved as a prime contractor. Their role so far has been confined to supply of spares, sub-assemblies, etc,” said Mohanty. According to him, it’s an opportunity for the companies to demonstrate their capabilities.

The Business Standard
4 March 2013
Delhi-based defence analyst and CEO of Indicia Research and Advisory Deba R Mohanty said the trend of defence allocation in India has been disappointing. "When there is a demand for increasing share of defence budget in relation to national GDP, the trend is actually showing otherwise. As far as India is concerned this is disappointing," he said.

The Financial Express
28 February 2013
Security experts like DebaMohanty, Chairman and CEO, INDICIA Research & Advisory opine, "Given the larger macro-economic conditions, resources allocated for national defence seem reasonable, although not satisfactory. Armed forces are indirectly told, through the budget, to prune their figure further to be more lean and mean in order to accommodate more stealth, fire power, gadgets and mobility. This becomes evident in allocations for stagnant revenue and fat capital budgets."
For details, see,
The Economic Times
Published on 15 February 2013
"When we blacklist big companies like Finmeccanica, it will have ramifications on the company's earlier commitments. The ongoing commitments and future contracts will also be negatively impacted," warned DebaMohanty, Delhi-based defence analyst and director at Indicia research and advisory.
For details, see,,curpg-2.cms
Bloomberg: On Chopper Controversy
15 February 2013
“Blacklisting of Finmeccanica can’t be ruled out and if it happens it’s a lose-lose situation for the company and India’s defense ministry,” said DebaRanjanMohanty, chairman of the Indicia Research & Advisory, a New Delhi-based defense research organization.
For details, see,
Published on 6 February 2013
“Issues including arrangement of defense offset obligations and transfer of technology seems still to be resolved,” said DebaRanjanMohanty, chairman of the Indicia Research & Advisory, a New Delhi-based defense research organization. The contract could have an estimated value of between $18 billion and $20 billion, Mohanty said.
For details, see,
Bloomberg: On Defence Budget Cut
Published on 6 February 2013
“This is essentially being targeted to reduce the revenue expenditure such as pay and allowance, while not hurting the capital expenditures and won’t affect the acquisitions and military modernization programs,” said DebaRanjanMohanty, chairman of Indicia Research & Advisory, a New Delhi-based defense research firm. “This temporary reduction comes because of political compulsions keeping a view on the next general elections.”
For details, see,
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