Rajnath Singh to inaugurate the three-day International Conferenc

New Delhi: Defense Minister Rajnath Singh will inaugurate the three-day International Defense Finance and Economic Conference in New Delhi on April 12, 2023. Organized by the Ministry of Defense (Ministry of Finance), the conference provides a platform for eminent policymakers, academics and government officials from within the country and abroad to share their insights and experiences on defense finance and economics in the context of globally changing security challenges and policies. Delegates from the United States, the United Kingdom, Japan, Australia, Sri Lanka, Bangladesh and Kenya are participating in the conference.

The purpose of the conference is to promote dialogue and cooperation between the participants, as well as to contribute to the defense preparedness of the country with optimal financial resources and the effective implementation of the defense budget. It aims to participate in global debates on defense financing and economics and to propose a sustainable blueprint on the subject.

The objective of the conference is to disseminate best practices, experiences and expertise of various countries and align processes in the Indian context with international standards. It also hopes to facilitate engagement with foreign governments, international institutions and global leaders on defense finance and economics to support the government’s ongoing efforts towards indigenization and self-reliance in the defense sector, as well as advance transformative reforms.

The topics of the discussion include current challenges and opportunities in the field of defense finance and economics, such as the efficient and effective distribution and use of resources, as well as the cost-conscious management of logistics. Participants will also discuss financial and economic models and practices related to defense procurement worldwide, as well as the latest developments and innovations in defense research and development.

In addition, discussions will address best practices in defense human resource management, including issues related to pay, pensions and welfare of defense personnel, and the role and functions of oversight mechanisms within defense ecosystems.

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