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Something like this .... It's a bullpup kit for an AK 47 from Center Balanced Systems

As far as DRDO's (IOF) R&D for small arms is concerned, they are not doing any which can be termed as significant. It's mostly cut and paste. As per the information on IOF's site they have been around from 1787 (Indian Ordnance Factories: History), but they have till now not even come up with...