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Govt hosts international conference on Defence Finance & Economics; aim to exchange best practices & experiences

By TIOL News Service

KOLKATA, APRIL 12, 2023: THE Raksha Mantri Mr Rajnath Singh will inaugurate the three-day International Conference on Defence Finance & Economics in New Delhi on April 12, 2023. The conference, organised by Ministry of Defence (Finance), will provide a platform for eminent policy makers, academics and government officials from within the country and abroad to share their insights and experiences on Defence Finance and Economics in the context of evolving security challenges and policies globally. Delegates from USA, UK, Japan, Australia, Sri Lanka, Bangladesh and Kenya will participate in the conference.

The conference aims to foster dialogue and collaboration among the participants and contribute to the country's defence readiness with optimum financial resources and effective implementation of the Defence Budget. It aims to participate in global discussions on Defence Finance & Economics and propose a sustainable blueprint on the subject.

The objective behind the conference is to disseminate the best practices, experiences and expertise of various countries and align processes in Indian context with international standards. It also hopes to facilitate collaborations with foreign governments, international institutions and global leaders in the domain of Defence Finance and Economics to support the Government's ongoing efforts on indigenisation and self-reliance in the Defence sector, and to advance transformative reforms.

The topics of discussion will include current challenges and opportunities in the areas of Defence Finance and Economics, such as how to allocate and use resources efficiently & effectively and how to manage logistics in a cost-conscious way. The participants will also deliberate upon different models and practices of finance and economics related to Defence Acquisition around the world as well as the latest developments and innovations in Defence Research and Development.

In addition, the discussions will address best practices on managing human resources in Defence, including issues related to pay, pensions and welfare of Defence Personnel and the role & functions of oversight mechanisms within defence ecosystems.

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