Union minister for ministry of youth affairs, Ministry

Noting that India plans to spend USD 130 billion on military modernization in the next five years, Defence Minister Rajnath Singh said on Monday that orders for 83 LCA MK1A worth Rs 48,000 crore have been awarded to HAL recently and the contract for indigenously designed Light Combat Helicopter is likely to be signed soon.He also said that the Ministry is working on bringing down delays in timelines of capital acquisition and efforts will be made to complete the defence acquisition within two years, instead of the existing three-four years being taken on the average.The minister, who spoke at a webinar on 'Union Budget 2021-22 and Defence', said 'Buy (Indian-Indigenously Designed, Developed and Manufactured)' has been accorded top priority."To promote indigenous design and development of defence equipment, 'Buy (Indian-IDDM)' has been accorded top most priority. Ministry is also working on bringing down the delays in timelines of capital acquisition. We will make efforts to complete the defence acquisition within two years, instead of the existing three-four years being taken on the average," he said."India plans to spend USD 130 billion on military modernization in the next five years. Recently, orders for 83 indigenously designed and developed LCA MK1A worth Rs 48,000 crore have been awarded to HAL (Hindustan Aeronautics Limited). The contract for indigenously designed Light Combat Helicopter is likely to be signed soon," he added.The minister said the ministry has planned to invest about 63 per cent of the outlay for 2021-22 on domestic procurement."This increase will have a positive impact on enhanced domestic procurement, having a multiplier effect on our industries including MSMEs and start-ups. It would also increase the employment in the defence sector," he said.The minister said one of the more important of the many steps taken by the ministry was the bifurcation of capital procurement budget into domestic and foreign capital procurement routes, aimed at ensuring procurement from domestic industries."Our Government has also approved enhanced delegation of financial powers under capital procurement for items of capital nature such as overhauls, refits, upgrades, that will enhance the utility of existing assets and facilitate faster processing and implementation of projects," he said.He said this will enhance the utility of existing assets and facilitate faster processing and implementation of projects.The minister said 46 items, for which there is local capacity, have been notified under the latest Public Procurement Order 2017.The procurement of these 46 items will be done from local suppliers only irrespective of the purchase value, he said.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Union Minister For Ministry Of Youth AffairsFOLLOW

Union minister for ministry of youth affairs, Latest News

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Noting that India plans to spend USD 130 billion on military modernization in the next five years, Defence Minister Rajnath Singh said on Monday that orders for 83 LCA MK1A worth Rs 48,000 crore have been awarded to HAL recently and the contract for ...