Defence Minister Kicks Off 3-Day International Conference On Defence Finance & Economics

Union Defence Minister Rajnath Singh kicked off a three-day international conference on Defense Finance and Economics on Wednesday in New Delhi.

“The Ministry of Defence (Finance) conference will provide a platform for eminent policymakers, academics and government officials from within and outside the country to share their insights and experiences on Defence Finance and Economics in the context of evolving security challenges and policies globally,” the Ministry of Defence said. 

The conference will be attended by delegates from the United States, the United Kingdom, Japan, Australia, Sri Lanka, Bangladesh and Kenya, and aims to promote communication and collaboration among participants while also contributing to the country's defence readiness through optimal financial resources and effective defence budget implementation.

It intends to participate in global talks on defence finance and economics and present a long-term blueprint on the subject. It also targets to spread best practices, experiences and expertise from other countries, as well as to align procedures in the Indian context with worldwide standards.

The conference also facilitates collaborations with foreign governments, international institutions and global leaders in the domains of Defence Finance and Economics in order to support the government's ongoing efforts towards indigenisation and self-reliance in the defence sector, as well as to advance transformative reforms.

Current difficulties and opportunities in Defence Finance and Economics, such as how to distribute and use resources economically and effectively and how to manage logistics in a cost-conscious manner, will be discussed.

“Participants will also discuss various models and practises of finance and economics related to defence acquisition around the world, as well as the most recent developments and innovations in defence research and development,” the ministry added.

Furthermore, the discussions will include best practices for managing human resources in defence, such as salary, pensions and the welfare of military people, as well as the role, and functions of oversight mechanisms within defence ecosystems.