New Delhi: Defence Minister Rajnath Singh announced on Friday that a monitoring structure comprising members from three forces (Army, Navy, and Air Force) will be established to ensure that the cash allotted for private business and startups is fully utilised.
"A monitoring mechanism under Director General (Acquisition) to be established, with representatives from all three Services to monitor the budget earmarked, specifically for private industry and startups, to ensure that it is fully utilised," Singh said during a webinar titled "Aatmanirbharta in Defence - Call to Action" on the announcements made in the Union budget 2022-23.
Singh declared that the Quality Assurance (QA) process will be overhauled to make it non-intrusive, prevention-based, and free of the Inspector-Raj, in an effort to attract private business and startups to venture into the production and services in the Defense sector.
"We'll launch iDEX-Prime to support projects that require funding of more than Rs 1.5 crore but less than Rs 10 crore in order to assist ever-growing defence businesses," he said.
Rajnath Singh made a big statement on the Russia-Ukraine dispute
IMA appeals PM Modi to prioritise safe return of medical students from Ukraine