Instead just going to make a clone of AK and renaming it, OFB should have placed atleast came up with some innovative modifications;
1-Integrated rails in the receiver to mount scopes.
Removable dust covers with rails and sights require very high quality machining (finnish Valmet is an example). Integrated rails work very with those guns where the upper does not move with respect to barrel, i.e. the upper/lower style construction of m-16 family. The only practical place to mount sights on AKMs are upper hand guards, but rails could have been mounted like Excalibur.
2-Rear sight at the very end of receiver like that in M-16/4s or like in new AK-12
See above.
3-AK-74 or M-4 or the recoil compensator used by Russian SF instead of the age old slant muzzle brake.
Not needed on an AKM. The ammunition contains less powder than 5.5.6 NATO. It will needlessly increase cost.
4-90 Degree gas block instead of the old 45 degre gas block.
AKM's low velocity bullet does not create a problem with 45 degree gas block. Something they should fix on MCIWS.
5-Instead of Fixed or folding stocks it should have M4 type collapsing butt stocks with recoil buffers just like the one we spotted in the DRDOs multoi cal weapon.
Buffer stock is useless on a gun which does not require a buffer spring in stock, unless you meant a telescopic butt stock. The SIG style folding stock as on Excalibur is a good choice. A folding telescopic butt stock would have been a better choice. No modern gun is designed with a buffer spring in stock, if they did it with MCIWS, it is a very very bad choice because you cannot make a folding stock version of the gun.
6-A better fire selector just like the ones in VZ,AK12 or those American gunsmiths shows us in youtube.
Should have gone with an INSAS style selector. Anything else slows down training and adoption.
