Defence finance preaches caution
May 04, 2007 (FIDSNS)
The Secretary (Defence Finance) Shri VK Misra, addressing at a day-long seminar on internal audit in New Delhi, pointed out the need to review the periodic internal audit certificate and reduce the large expenditure at the level of service headquarters and lower formations.
Shri Misra said this is necessary to make optimum use of funds for modernisation of Defence Forces and maintain high serviceability levels when there were constraints of reducing fiscal deficit in the Union Budget. In his introductory remarks, the Controller General of Defence Accounts Shri Jnan Prakash pointed out that of the 97,000 crore rupees Defence Budget for the current financial year, the capital outlay for modernization and acquisition of weaponry and other equipment stood at nearly 44 % while there was a need to make proper utilisation of the huge revenue expenditure.
The Defence Minister had the same theme when he opened the Army Commanders conference in April, 2007. He called upon the Armed Forces to reduce revenue expenditure, while utilizing more funds for capital acquisitions and modernisation.
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