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A Non-lapsable Fund to Provide Steady Stream of Finances to Army
In Lok Sabha, the Minister of State for Defence Ajay Bhatt revealed that the Indian government has proposed the creation of a Non-lapsable Defence Modernisation Fund (DMF). According to a press release by the Indian Ministry of Defence, the DMF is aimed at modernising and enhancing the Indian Armed Forces by specifically targeting projects related to infrastructure and defence capability development.
The fund is considered non-lapsable, meaning any unspent funds in a financial year are carried forward to the next financial year, ensuring a steady stream of resources for long-term efforts to modernise India's defence services. The DMF will supplement regular annual budgetary allocations and help reduce the dependence on unpredictable and politically influenced budget allocations for defence modernisation. The Indian Ministry of Defence is working with the Finance Ministry to establish a mechanism to operationalise the DMF.
The Non-lapsable DMF will also support the indigenous defence industry in India by financing research and development programs and encouraging domestic production of defence equipment. Its purpose is to provide sustained funding for the acquisition of critical defence equipment and infrastructure, as well as research and development programs. The DMF has already facilitated the approval of several acquisition proposals worth ₹70,500 crore, including BrahMos missiles, Shakti EW systems, Utility Helicopters for maritime use by the Indian Navy, and Long Range Stand-Off Weapon for the Indian Air Force. Additionally, the Defence Acquisition Council has approved 155mm/52 Caliber ATAGS, High Mobility and Gun Towing Vehicles for the Indian Army, with 99% of defence equipment being sourced from Indian industries, according to the Ministry of Defence.