Need to maximise the value of money spent on security needs, says Defence Minister at International Conference on Defence Finance & Economics in New Delhi
Andalib Akhter / New Delhi
Defence Minister Rajnath Singh today stressed on the need to devise innovative methods to maximise the value of money spent on the security needs of the country, terming a robust defence finance system as the backbone of a strong military.
Inaugurating the three-day International Conference on Defence Finance & Economics here today Rajnath Singh asserted that a legal and procedural defence-finance framework is an integral part of a mature state system, which ensures prudent management of the defence expenditure.
He said that full potential of society’s development can be realized only when it is secure from external and internal threats.
He said, security is the bedrock on which prosperity, art and culture of any society can flourish and prosper.
Singh said, security is broadly categorized into internal security and external security and the responsibility of external security lies principally with the defense forces of the country.
He stressed that defence forces require a superstructure of defence ecosystem involving research and development organizations, defense production industries and soldier welfare organizations.
The three-day conference will provide a unique platform to policy makers, academicians and government officials to share their insights and experiences on Defence Finance and Economics in the present evolving security challenges.
Delegates from USA, UK, Japan, Australia, Sri Lanka, Bangladesh and Kenya are participating in the conference.
According to the Defence Ministry, the objective of the conference is to disseminate the best practices, experiences and expertise of various countries.
It will also facilitate collaborations with foreign governments, international institutions and global leaders in promoting government’s vision of Aatmanirbharta in the defence sector.
The three-day conference, organised by the Ministry of Defence (Finance), will witness the participation of eminent policy makers, academics and government officials from India and abroad, including from USA, UK, Japan, Australia, Sri Lanka, Bangladesh & Kenya. It will provide a platform to them to share their insights and experiences on Defence Finance and Economics in the context of evolving security challenges and policies globally.
The conference aims to foster dialogue and collaboration among the participants and contribute to the country’s defence readiness with optimum financial resources and effective implementation of the Defence Budget. The objective is to disseminate best practices, experiences & expertise of various countries and align processes in the Indian context with international standards. It also hopes to facilitate collaborations with foreign governments, international institutions and global leaders in the domain of Defence Finance and Economics to support the Government’s ongoing efforts on indigenisation and self-reliance in the Defence sector, and to advance transformative reforms.
The topics of discussion will include current challenges and opportunities in the areas of Defence Finance and Economics, such as how to allocate and use resources efficiently & effectively and how to manage logistics in a cost-conscious way. The participants will also deliberate upon different models and practices of finance and economics related to Defence Acquisition around the world as well as the latest developments and innovations in Defence Research and Development.
In addition, the discussions will address best practices on managing human resources in Defence, including issues related to pay, pensions and welfare of Defence Personnel and the role & functions of oversight mechanisms within defence ecosystems.
