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DAC nod to acquisitions worth ₹4L cr in '24
The New Indian Express Tirupati
|December 27, 2024
Defence ministry's yearend report suggests LAC situation sensitive, bulk of defence procurements indigenous
THE Ministry of Defence has described the situation at the Line of Actual Control (LAC) as sensitive but stable, adding that the government has approved capital procurement projects of over ₹4 lakh crore in 2024, the bulk of it produced indigenously.
In its year-end report, the ministry said that in a bid to boost the defence industry and reduce foreign spending significantly, the Defence Acquisition Council and Defence Procurement Board accorded Acceptance of Necessity for 40 capital acquisition proposals amounting to ₹4,22,129.55 crore till November in 2024.
On the LAC front, following prolonged negotiations at the diplomatic and military levels on October 21, 2024, "broad consensus has been achieved to restore the ground situation based on the principle of equal and mutual security".
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