Rajnath Singh introduces the Defense Accounts Department’s digital initiatives, dubbed “Guardian of Defense Finance”

Rajnath Singh, the defence minister, said on Sunday that the three services must effectively use budgetary resources if India wants to have a modernized military by 2047 and become a developed country.

Singh made the comments after the Defence Accounts Department (DAD) unveiled a number of digital initiatives at its 276th annual day festivities at Delhi Cantonment.

He emphasized the necessity to strengthen the internal surveillance system, referring to the DAD as the “guardian of defence finance,” so that any questionable conduct may be discovered and assessed right away.

This, he said, would not only facilitate a speedy resolution of the issue but also boost departmental personnel’s confidence.

“We will need greater armed forces with cutting-edge weapons and gear if we want to build a developed country. As a result, it’s critical that we use our financial resources wisely, Singh stated.

He said that there should be a careful balance between the distribution of resources and the requests for services.

Singh also recommended to the DAD the establishment of an internal standing committee to conduct in-depth market research, analyze industry trends, and offer the field officers with high-quality market data.

Singh thanked the group during his speech for its work to improve the nation’s defense capabilities via an open and effective finance system.

He said that accounting was crucial for every person, organization, and country because “our wants are limitless, but the resources at our disposal are scarce.”

He praised the DAD for guaranteeing careful resource management while obtaining the best results.

The digital projects included the SARANSH (Summary of Accounts, Budget and Expenditure for Raksha Mantralaya) and BISWAS (Bill Information and Work Analysis System and e-Raksha Awaas) integrated military financial dashboards for the Ministry of military.

While Singh applauded the DAD for launching several digital projects, he urged it to build its professional capacities to handle the challenges brought on by the times’ continual change.

He asked it to work with respected organizations like the Institute of Chartered Accountants of India (ICAI) and Indian Institutes of Management (IIMs) to create and deploy specialized training modules in accordance with needs.

When providing financial guidance, Singh encouraged DAD officials to take into account two main factors: a realistic estimate of the user agency’s need and an awareness of the product’s market.

According to the defence ministry, he emphasized the need to consider if there is a need to acquire a product or not and whether a comparable product with equal or higher efficacy is available someplace else in the market at a cheaper cost.

According to him, this knowledge will further improve the standard of financial counsel.

Singh proposed the establishment of a permanent committee of knowledgeable individuals who can investigate and analyze market factors and offer the field officers with high-quality market data in order to acquire such an understanding.

“Big banks and financial organizations create internal research and economic intelligence teams. In a same vein, the DAD must establish an internal team for intelligence and market research, he added.

In order to conduct a thorough analysis of market circumstances, the defence minister also suggested coordination with industrial organisations and business institutions.