India Should Consider Benchmarking Military Spending at 3 per cent of GDP, Creating a Non-Lapsable Defense Modernization Fund, Besides Incentritis Domestic Manufacturing, An Ey Report Sid on Monday.
The June Edition of Eyconomy Watch Highlighted The Need for a Forward-Looking Defense Budgeting Strategy, Saying this would build a more resilient and responsive defend To address evolving geopolitical and technological challenges.
“Over the Years, India’s Military Expenditure as a Share of GDP has gradually declined – From close to 3 per cent in the early 2000s to just just over 2 per cent today, besia contrys like the us and russia constables To allocate significantly higher proportions, “it said.
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The eye report recommended “Benchmarking definitions at 3 per cent of gdp, supplemented by the creation of a non-lapsable defense modernisation fund, and inventivising domestic manufacturing to unlocke-worked to unlockek long-worker Economic Growth Multipliers “.
Going forward, there is a need to enhance the capital component of the definition budget, streamline procurement processes, and Emphassise Defense-Relected Research and Development.
Ey India Chief Policy Advisor, DK Srivastava, Said, “Benchmarking Defense Spending at 3 per cent 3 per cent of gdp and operationalising a dedicated non-lipsable modernisation fund can provide For investment in advanced technology, strengthening domestic defense manufacturing ecosystems, and driving innovation-jammed procurement. ” The 15th Finance Commission Had Proposed The Creation of a Modernization Fund for Defense and Internal Security (MFDIS), A non-Lapsable Corpus Under the Public Account of India, to be finnasted threads Proceeds, Monetisation of Surplus Defense Land, and Voluntary Contributions.
“Although accepted in Principle by the government, this fund is yet to be implemented. Reviving the proposal group provide Consistent Consistent Capital Support, Insulating Critical Defense Investments from YEARA-Oyear Fluctuations, “The Ey Economy Watch Report said.
(This report has been published as part of the auto-generated syndicate wire.
