New Delhi: Defence Minister Rajnath Singh emphasized the imperative of enhancing India’s armed forces with modern equipment to attain the status of a developed nation by 2047. His remarks came during the 276th annual day celebrations of the Defence Accounts Department (DAD), where he inaugurated several digital initiatives. Singh commended the DAD’s role as the “guardian of defence finance” and underscored the necessity of reinforcing internal vigilance mechanisms to promptly detect and review any suspicious activities. He emphasized that this approach would not only expedite problem-solving but also bolster public trust in the department.
Singh stressed the importance of striking a balance between the service demands and the allocation of available resources. He recommended the establishment of an in-house standing committee within the DAD, tasked with researching and studying market forces to provide high-quality market intelligence to field officers.
The Defence Minister commended the DAD for its transparent and efficient financial system, acknowledging its contribution to enhancing the country’s defence capabilities while ensuring prudent resource utilization.
Singh launched various digital initiatives, including an integrated defence finance dashboard for the Ministry of Defence named SARANSH (Summary of Accounts, Budget and Expenditure for Raksha Mantralaya) and BISWAS (Bill Information and Work Analysis System and e-Raksha Awaas).
He urged the DAD to enhance its professional capabilities to address evolving complexities effectively. Singh encouraged collaboration with reputable institutions like Indian Institutes of Management (IIMs) and the Institute of Chartered Accountants of India (ICAI) for customized training modules.
Furthermore, he emphasized the importance of realistic assessments of user agency demands and understanding product market dynamics when offering financial advice. Singh recommended the creation of an in-house team for market research and intelligence, akin to big banks and financial institutions, to ensure high-quality market advice. Collaboration with industry associations and business schools to analyze market conditions was also proposed.
Rajnath Singh’s insights underline the significance of a robust and modernized armed forces as a pivotal factor in India’s journey towards becoming a developed nation by 2047, requiring prudent resource allocation and sophisticated financial management.
By PTI
