'Big market is awaiting us', says Defence Minister Rajnath Singh, while informing that post-Operation Sindoor, the demand for Indian defence equipment witnessed a significant increase. The world's military expenditure also rose to over USD 2.7 trillion in 2024, Rajnath added.
Speaking at the Controllers Conference organised by DRDO here on Monday, the Union Defence Minister said, "The world is looking towards our Defence sector. The valor that our soldiers have shown during Operation Sindoor, as well as the way we showcased the capabilities of our domestic equipment, has led to an increase in demand for our indigenous defence products. World military expenditure has increased to over $2.7 trillion in 2024 - such a big market is awaiting us."
'Peace time is an illusion', says Defence Minister -
"Peace time is nothing but an illusion. Even during periods of relative calm, we must prepare for uncertainty. Sudden developments can force a complete shift in our financial and operational posture," he said.
"Whether it's stepping up equipment production or adapting financial processes, we must be ready with innovative techniques and responsive systems at all times," he added.
India's defence budget is bigger than many nations' GDPs -
Underscoring the urgency and need to utilise the resources in the right way, Rajnath further mentioned that India's Defence budget is bigger than the GDP of various countries in the world.
"If you look at our Defence budget, it's bigger than the GDP of some countries in the world. When a significant portion of people's hard-earned income is allocated to the Defence Ministry, our responsibility increases exponentially--we need effective growth. Our Defence expenditure should be such that not only does the budget increase but also we should spend it in the right way - by proper deployment at the right time for the right objective, " he stated.
"Defence Acquisition Council for the first time has permitted the capital procurement from the GeM portal, it's a commendable step... I have also been informed that the department is working on the Comprehensive Pay System and centralised database management for defence personnel."
"You have organised a controllers conference, but I think your mind should be open and receptive so that you can discuss and share the changes occurring in the defence ecosystem with all stakeholders. Such events give us a chance to do introspection and self-analysis. We can think about the reforms that are needed to bring... This department's responsibility is not just to manage accounts on paper, but also an important part of our security system. When you honestly, its impact even reaches the soldiers guarding our borders. They feel that they have a system behind them that will be with them in all circumstances," he added.
The Defence Accounts Department (DAD) is hosting the Controllers' Conference 2025 from July 7-9 at the Dr SK Kothari Auditorium, DRDO Bhawan, New Delhi. The conference was inaugurated today by Defence Minister Rajnath Singh in the presence of top military and civilian leadership including Chief of Defence Staff General Anil Chauhan.
What is the Controllers' Conference 2025?
A flagship forum for policy dialogue, strategic review, and institutional innovation, the Controllers' Conference brings together top leadership from DAD, civil services, academia, think tanks, and stakeholders across the defence and finance sectors. It serves as a vital platform for evaluating challenges, initiating reform, and advancing the role of financial governance in defence preparedness.
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