Defence Minister Rajnath Singh on Sunday (October 1) emphasised on the need for stronger armed forces with modern equipment to become a developed nation by 2047 while also noting that there is a need for effective utilisation of financial resources by the three services.
Singh made the remarks after launching several digital initiatives of the Defence Accounts Department (DAD) during its 276th annual day celebrations at Delhi Cantonment.
He described DAD as the "guardian of defence finance" and stressed on the need to bolster the internal vigilance mechanism so that any suspicious activity can be detected and reviewed immediately.
He said this will not only help in dealing with the problem quickly but also increase the trust of the people in the department.
"If we wish to create a developed nation, we will need stronger armed forces with modern arms and equipment. Therefore, it is necessary to effectively utilise the financial resources available to us," Singh said.
"There should be a fine balance between the demands of services and the allocation of available resources," he added.
The Defence Minister also suggested to the DAD for the creation of an in-house standing committee for research and study of market forces and provision of high-quality market intelligence to the field officers.
He also lauded the organisation for its efforts towards enhancing the country's defence capabilities through a transparent and efficient financial system.
The digital initiatives launched included an integrated defence finance dashboard for the Ministry of Defence -- SARANSH (Summary of Accounts, Budget and Expenditure for Raksha Mantralaya) and BISWAS (Bill Information and Work Analysis System and e-Raksha Awaas).
The Minister urged the officials to pay attention to two broad aspects while extending financial advice -- realistic assessment of the demand of the user agency and understanding of the product's market.
He stressed the need to pay attention to the fact whether there is a need to buy a product or not and if a similar product of equal or greater effectiveness is available somewhere else in the market at a lower cost, according to the defence ministry.
Singh suggested the creation of an in-house mechanism, a standing committee of experienced people who can research and study market forces and provide high-quality market intelligence to the field officers.
(With PTI inputs)