With the Ministry of Defense, a proposal for establishing a Non-Lapsable Defence Modernization Fund (DMF) is being discussed. DMF will be available to support the modernisation of the armed forces and would enhance annual budgetary allocations by removing any doubt regarding the provision of necessary funding for various infrastructure and capabilities development initiatives.
In collaboration with the Ministry of Finance, a viable operationalization strategy is being developed.
In a formal response to Shri Balashowry Vallabhaneni in the Lok Sabha today, Raksha Rajya Mantri Shri Ajay Bhatt provided the information in question.
