Defence Minister Rajnath Singh announced on Tuesday that 30 lakh of the 32 lakh defence pensioners have been successfully linked to the SPARSH portal (System for Pension Administration RAKSHA). Speaking at the annual day celebration of the Defence Accounts Department (DAD), Singh praised the department for overcoming various challenges to implement the web-based system, which directly credits pensions to the accounts of defence pensioners without any intermediaries.
He also commended DAD for its role in modernizing and strengthening India's defence ecosystem through efficient resource utilization, transparent accounting, and adoption of advanced technologies.
Highlighting recent progress in the defence sector, Singh noted that there was a time when India heavily relied on imports for defence acquisitions. However, due to efforts led by Prime Minister Narendra Modi's government, India has now emerged as a defence exporter.
Defence production surged to Rs.1.27 lakh crore in the 2023-24 fiscal year, with exports increasing from Rs 1,000 crore to Rs 21,000 crore, spanning more than 90 countries. This growth aligns with the 'Make in India' initiative. Projections indicate that defence exports will grow at an 18% compound annual growth rate (CAGR) from FY24 to FY30.
Singh further noted that approximately Rs.6 lakh crore worth of defence equipment has been procured from Indian companies over the past decade, doubling the nation’s defence production capabilities.
The Defence Minister urged the Defence Accounts Department to develop a roadmap to transform into a 'Centre of Excellence' in defence finance and economics. He emphasized the importance of exploring new areas in defence accounting and financial management.
Singh concluded by pointing out that the Ministry of Defence oversees more than 50 lakh personnel, with a budget larger than the GDP of several small nations. DAD serves as a crucial link connecting the Armed Forces and civilian organizations.
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