UK to issue Open General Export Licence (OGEL) to India
Tags: Economics/Business International News
In a statement, the British High Commission said the UK will issue an Open General Export Licence (OGEL) to India to cut the delivery period for defence purchases.
The British Prime Minister arrived in India on a two-day visit in the backdrop of the Russo-Ukraine War.
The UK is creating an Open General Export Licence (OGEL) for India to reduce bureaucracy and reduce delivery times for defence procurement.
It will partner with India in the maritime domain along with new fighter jet technology to detect and respond to threats.
What is Open General Export Licence (OGEL)?
It is a type of licence that is used for the export licence that is issued by the government for domestic suppliers.
The goods exported to India are classified into three types.
They are prohibited items, restricted items and freely importable items.
These classifications are made on the basis of the nature and use of the products.
OEGL's application process and grant will be looked after by the Department of Defence Production.
The primary objective of OEGL is to boost India's defence exports.
Belgium, France, Germany, Japan, South Africa, Spain, Sweden, UK, USA, Canada, Italy, Poland and Mexico are allowed under the OGELs.
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