New Delhi, Feb 11: PM Narendra Modi has enhanced defence minister Manohar Parrikar's financial powers by four times, allowing him to buy weapon systems and platforms worth Rs 2,000 crore at his own discretion.
The decision by the Prime Minister is going to significantly fast track the speed of weapon acquisition as many defence deals can be completed at the level of the defence ministry and there would no need to take them to the Cabinet Committee on Security, reports said.
The Prime minister also cleared many other proposals related to the financial decision made by his ministers as he has given the defence minister and the finance minister the power to jointly clear defence acquisitions worth up to Rs 3,000 crores.
The step to increase financial powers of the ministers has been taken soon after the budget announcement in which the defence ministry was allocated Rs 6,000 crore for buying new weapon systems and platforms for the services.(Input from agencies)