Defence Minister Rajnath Singh said on Friday that the global economic situation due to the Coronavirus pandemic would impact all nations, but assured that it would not affect India's Defence procurement.
Speaking at the launch of the draft Defence Procurement Procedure, 2020, Singh said that the global economy could improve in the next two-five months.
"There would certainly be an impact on the global economy's condition on all nations. I feel there would be hardly any impact of global economy's condition on India's defence procurement," said Rajnath Singh when asked if the global economic condition and the Coronavirus pandemic would affect Indian defence procurement.
"The procurement procedure will be for the next five years. We can't rule out a possibility that the global economy will improve in next 2 to 5 months," the Defence Minister added.
Rajnath Singh said the Draft Defence Procurement Procedure (DPP) 2020 is ready and it will be put in the public domain.
In a first, the Government has introduced "Leasing" as a new category for acquisition in the draft Defence Procurement Procedure 2020 in addition to existing 'Buy' & 'Make' categories. This is done to substitute huge initial capital outlays with periodical rental payments.
The novel coronavirus outbreak has made the international scenario more complex, Defence Minister Rajnath Singh said on Saturday, March 7, emphasising on the preparedness to tackle challenges that might not allow adequate reaction time.
Speaking at the 58th MPhil convocation ceremony at the National Defence College in Delhi, Singh said developing and grooming the future senior leadership, both of the military and the civil services, by the institution would play a vital role in tackling future potential challenges.
India today has emerged as an important contributor towards growth, development, prosperity, peace and stability, in both Asia and the world, he said. The armed forces of the country are also swiftly transforming to meet future regional and global security challenges.